
Audio By Carbonatix
The government is to take over the entire 100 percent shares of the Aboadze Thermal Plant.A statement issued in Accra and signed by Government Spokesman on Finance and Economy, Kwaku Kwarteng, said the decision became necessary due to the manner in which CMS Energy, co-partners in the plant, had sought to sell its shares in the Takoradi International Company (TICO), operators of the plant, to TAQA, a Middle East based company, without informing the government."If that transaction had gone through, government would have been forced to partner an unknown company," it said and described that move as improper.The statement said if TAQA had succeeded in buying the shares, it would have later sold them back to Ghana, adding that the consideration of such a scenario would have been different from those of Ghana buying the shares directly from CMS.“We have advised CMS to hive off the Takoradi plant from their take-over discussions with TAQA” it said."Given that electricity makes a critical and strategic input into our economy, we view these matters with utmost seriousness," it said, adding that government had been compelled to seek purchase of the entire 100 per cent of the shares in the Aboadze Plant, and "we are taking steps to make that happen."President J.A. Kufuor last month criticised CMS Energy for breach of the contract between it and the government.Speaking at a meeting with CMS Energy Management at the Castle, he said that since Ghana had 10 percent shares in TICO with an option to buy a further 40 percent, it was appropriate for CMS to have consulted government before disposing of its shares.President Kufuor described the company as "a partner who has taken the people of Ghana for granted", and emphasised that government would not allow that to happen."He gave the indication that government would have nothing to do with TAQA unless the right thing was done.
The Aboadze Thermal plant was built by the Volta River Authority (VRA) and started operation in 1997.The aim was for the plant to compliment the electricity supply from the Akosombo and the Kpong Dams.
The current installed capacity of the plant is 550 ¬megawatt volts (mv) and it is expected to be upgraded to 66mv.
The Takoradi International Company (TICO) was formed by VRA and CMS Energy to operate the plant to achieve that target.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Africa Energy Technology Centre presents Africa’s energy future strategy to Mahama
1 minute -
WAFCON 2026: Black Queens name provisional squad for tournament
7 minutes -
GTA to launch “Blue Ghana Initiative” beach clean-up campaign after Accra floods
18 minutes -
UBIDS graduates 70 Law students as Bagbin pledges major health and education interventions
47 minutes -
A Lifetime of excellence: Dr Williams Kwasi Peprah attains the rank of full Professor at Andrews University
49 minutes -
Gift to the North: Karaga MP builds 6,000-capacity Mosque in Tamale
51 minutes -
Marketers and creators explore ‘media of influence’ in reshaping marketing performance
59 minutes -
Residents of Amasaman Obeyeyie protest over worsening road conditions
2 hours -
Nyanyofio urges British Columbia College to produce responsible citizens, not only high achievers
2 hours -
Why are coaches sacked but technical leadership spared? – Uncle Ebo Whyte on Black Stars exit
2 hours -
‘Catastrophic expenditure’: Why government must enroll cleft care on NHIS
2 hours -
Nigeria condemns killing of two nationals in South Africa, demands Justice
2 hours -
Photos: Mahama attends Assemblies of God Men’s Ministry Conference
2 hours -
SHS heads advocate publication of disciplinary data to curb indiscipline in schools
2 hours -
Karaga MP Amin Adam Builds 6,000-capacity mosque in Tamale
3 hours