The Minister of Energy, Boakye Agyarko, has disclosed that a technical assessment to ascertain the value of all assets of the Electricity Company of Ghana (ECG) is currently underway.
The technical assessment is to enable government to ascertain the total value of assets belonging to the company, before leasing it to a private manager through the Private Sector Participation (PSP) under the Ghana Power Compact.
“A project is currently underway for a technical and condition assessment of ECG’s assets,” he said in Accra, during the inauguration of an eight-member Board of Directors for the ECG, adding that the timely completion of this project is critical to the success of PSP transaction.
“There are very urgent issues that the board must tackle immediately after the inauguration. Under the concession arrangement, the assets of ECG will be leased to a private investor to manage, operate and invest for a period of 20 years,” the minister said.
The concessionaire is expected to pay for the use of ECG’s assets. It is, therefore, imperative that ECG updates and hands over credible list of assets to the concessionaire.”
The minister urged the new board to expedite action to resolve all lingering issues relating to the company's operational challenges, as well as processes concerning the imminent concession arrangement.
“I am confident that the board will navigate ECG onto the path of financial and operational turnaround in the shortest possible time,” he intimidated.
He further charged the board, chaired by Keli Gadzekpo of the Enterprise Group, to provide the right type of leadership, the needed incentives and innovations to improve the general performance of the company, especially, improve its revenue collection and reduce losses in the system.
On staff issues, the minister indicated that there would be “no involuntary layoffs of ECG staff as a result of the concession,” as President Akufo Addo assured during the May Day celebrations.
He said, however, that “In spite of this assurance of job security, there are still significant labour related issues that will require your serious and urgent attention. I am confident that with your collective experience, all the outstanding labour and allied issues will be dealt with in the most diligent manner.”
Keli Gadzekpo said the new board is determined to help the company navigate the course of both the concession and providing services to support the development of the country.
“I would will like to also assure our 6,500 employees that, we have heard clearly both from President Nana Akufo-Addo and the Minister and also from the employees themselves, the nervousness that this change is causing, and we will proceed carefully with our ears to the ground and also our ears to their voices, and together we would chart a path to find a positive way of making this change happen.
To the general public, I would like to assure that we would like to be the kind of utility company that will not be very much heard about but always delivering the service crucial as it is for the purposes that it is set up for,” Mr. Gadzekpo assured.
Other members of the board include: Carlien Dorcas Bou-Chedid; Ing. Samuel Boakye-Appiah; Maataa Opare; Alhaji Amadu Kaleem; John Kojo Arkorful; Mathew Nyindam; and Odeneho Kwaku Appiah.
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