ECG is 50 years

Mr. William Owuraku Aidoo(third from left) assisted by Mr Boakye-Appiah(fourth from left) to cut the Anniversary cake.With them is Mr. Asamoah Boateng(second from left).Photo Victor A. Buxton

Mr. William Owuraku Aidoo(third from left) assisted by Mr Boakye-Appiah(fourth from left) to cut the Anniversary cake.With them is Mr. Asamoah Boateng(second from left).Photo Victor A. Buxton

The Electricity Company of Ghana Limited (ECG) has launched its Golden Jubilee on the theme, “50 Years of Powering the Socio-Economic Growth and Development of Ghana”.

Some of the activities to mark the event include public education on ECG, health walk, awards and dinner among others.

Launching the anniversary yesterday, Minister of Energy, Mr Boakye K. Agyarko in a speech read on his behalf assured staff of ECG that no one would lose his or her job as a result the concessionaire taking over the management operation and investment in the distribution business.

According to the Minister, the amendment made to the original Compact conditions which was 25 years tenure has been reduced to 20 years.

“Ghana entered into the Compact with the United States  in 2014 for an amount of $498.20 million to, among other things, strengthen the governance, management and operations of ECG by bringing an Acceptable Private Sector participation to operate as a concessionaire for a period of 25 years,” he said.

Mr Agyarko said that 20 per cent of Ghanaian participation has been also increased to majority share of 51 per cent by Ghanaian citizens.

He said work on the ECG Financial and Operational Turnaround (EFOT) project, vis-à-vis the Private Sector Participation (PSP) was far advanced, adding that  government expected PSP procurement process to reach financial close by September 6, this year.

Mr Agyarko said ECG would continue to be in existence as a responsible Asset Owner with additional responsibilities for bulk power trading both locally and internationally.

He said his Ministry would provide guidance, direction and support to upgrade the ECG training school to a centre of excellence in the West Africa sub-region.

The Managing Director of ECG, Mr Samuel Boakye-Appiah said ECG was automating and digitising its networks through the use of latest technologies in the industry, “Our network operations are partially automated at the medium voltage level”.

On ECG’s challenges, he said the year 2012 to 2016 was the worst challenge.

“During the crisis, ECG’s image fell to an all-time low and our distribution network was weakened as a result of frequent switching for load shedding, also our finances suffered because customers reacted to the crisis by not paying their bills,” he said.

However he said the company had kept the wheels of industry running and contributed to the socio-economic development of the country.

Mr Boakye-Appiah said the company has been an active player within the West African Power Pool contributing in various ways to support the regional organisation.

“ECG is the best distribution utility in West Africa and rated second in the whole of Sub-Saharan after Eskom of South Africa,” he said.

By Agnes Opoku Sarpong             

 

 

 

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