Energy expert Dr. Charles Wereko-Brobby has advised government to place ECG on the Ghana stock exchange following the failed concession deal with PDS.
According to the Energy Expert, such a move will take the Electricity Company of Ghana out of the direct control of government and therefore ensure transparency and efficiency in management.
“Placement on the Ghana stock exchange will address the issues of removing the grabby hands of government from ECG. More importantly, it will dilute government control and so it cannot make all the decisions. It becomes like a silent investor. The other option is to leave ECG as it is and revert to a consortium,” he spoke to Starr FM
The CEO of the Volta River Authority (VRA) also expressed concerns over the seeming leadership role the finance minister is playing in ECG affairs in recent times instead of the Energy minister.
“I find it extremely strange to hear the Finance Minister will be addressing us on the way forward with ECG. Where is the Sector Minister and his deputies? One of the challenges we had with the PDS thing is that we hastened too quickly. I don’t think we should rush going forward”.
The government of Ghana has cancelled its concession agreement with the private investor for the management of ECG despite opposition by the American government.
The Ghana government argues PDS failed to satisfy some key condition precedents under the contract.
Meanwhile, the Millenium Challenge Corporation (MCC) of the United States of America has officially terminated Ghana’s Power Compact following the decison by government of Ghana to terminate PDS deal over certain fundamental breaches.
Additionally, a statement from the US Embassy has hinted that Ghana has lost a $190 million granted by its US partners as part of the PDS deal.
ALSO READ: ECG-PDS TAKEOVER: ECG outlines payment centres for power purchases
The statement added that, based on the conclusions of the independent forensic investigation, the United States’ position is that the transfer of operations, maintenance, and management of ECG to the PDS on March 1, 2019, was valid, and therefore the termination is unwarranted.
