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A new company supports the ECG Feb. 27
The Millennium Development Authority (MiDA) board has announced that Manila Electric Company (Meralco) will formally take over the management of the Ghana Electricity Limited (ECG) on February 27, 2019 under an agreement. 20-year concession.
This follows an extension of the date of 1 February 2019 to allow stakeholders and private participation in the GEC to close their consultations and finalize work on some critical aspects of the transaction with a view to a smooth transfer. .
The parties are the government, the ECG and the energy distribution services (PDS).
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According to the agreement, the dealer should inject $ 580 million into the distribution system during the first five years of the agreement's validity period.
Insurance
In a statement released yesterday, the MiDA Board of Directors and the ECG announced that they were planning a smooth transition.
He also said the parties would count on the support and cooperation of all Ghanaians to ensure the success of the PDS as a new electricity distribution operator in the southern Ghana distribution area.
MiDA has badured the public that it will continue to respect and uphold high standards of transparency throughout the process.
Context
The quest for a private sector player to run the ECG business began after Ghana won the Power Compact Two, which is expected to inject some $ 900 million into the ECG.
On August 5, 2014, Ghana signed the Power Compact with the United States of America through the Millennium Challenge Corporation (MCC), an independent US government agency on the sidelines of the African Leaders' Summit. United States to Washington.
The Compact provides for a grant of up to US $ 498.2 million to advance economic growth and reduce poverty in Ghana; and engage Ghana and MCC in a five-year economic development program that will finance investments in the country's energy sector.
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