• 3Sports
  • Home
  • MG Radio
3news
Advertisement
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus
No Result
View All Result
3news
No Result
View All Result
Home Business

ECG will still be privatized despite PDS fiasco – Finance Minister

November 13, 2019

The Minister of Finance, Ken Ofori-Atta, has disclosed that the Electricity Company of Ghana (ECG) will still have a private firm to partner it despite the cancellation of the deal with the Power Distribution Services Ghana Limited (PDS).

Addressing Parliament on Wednesday, Mr Ofori-Atta said the government cannot overstate the importance of learning from past mistakes.

He said the nation’s major power-distribution company still needs a private partner in order to make it more viable.

RelatedPosts

Nana Akomea cites PDS, Agyapa etc as vindicating ‘incorruptible’ Akufo-Addo

December 5, 2020

ECG subtstation built in Mpraeso; power problems in Kwahu, Afram Plains to cease

November 14, 2020

ECG to be released to a private concessionaire after failed PDS deal

November 10, 2020

“Mr. Speaker, considering ECG’s current distribution systems losses of 24 per cent, comprising 13 per cent commercial and 11 per cent technical losses, government is truly motivated by the urgent need to reduce these losses and improve service quality through the effective deployment of modern technology and world-class technical expertise,” he said.

He said this will be with a view to creating a financially viable power distribution sector that is sufficiently equipped to meet the current and future needs of Ghanaian households and businesses.

Government’s concession agreement with PDS in March, 2019 culminated in a sudden suspension as fundamental errors were detected with the demand guarantees.

In July when the deal was suspended, an investigation was launched into the guarantees provided by Dubai-based Al Koot Insurance & Reinsurance.

Three months later, precisely on October 19, 2019, government abrogated the deal despite warnings from the US Government.

  • Termination of PDS agreement unwarranted – US gov’t

Mr Ofori-Atta said “while restoring private sector participation in the management, operation and financing of the required investments in ECG’s distribution assets, government will make every effort to avoid the pitfalls that the PDS concession encountered and institute broad Ghanaian institutional participation, as well as democratize local equity participation, with an eventual listing on the Ghana Stock Exchange”.

He assured that government remains committed to its relationship with the Millennium Challenge Corporation (MCC).

“Indeed, Government fully respects and is committed to the essential principles underlying the relationship between the MCC and the Government of Ghana, as well as the overall bilateral relationship between Ghana and the United States.”

He said plans are far advanced “to select a new private partner for ECG in the coming months”.

Source: 3news.com|Ghana

Previous Post

Gov’t to put up 600-bed hostel for kayayei

Next Post

ECG will still be privatized despite PDS fiasco – Finance Minister

Related Posts

Featured Story

Nana Akomea cites PDS, Agyapa etc as vindicating ‘incorruptible’ Akufo-Addo

December 5, 2020
Top Business

ECG subtstation built in Mpraeso; power problems in Kwahu, Afram Plains to cease

November 14, 2020
Major Top Story2

ECG to be released to a private concessionaire after failed PDS deal

November 10, 2020
Business

Covid-19: 78% couldn’t benefit from govt’s electricity subsidy – GSS

September 29, 2020
Business

ECG refutes claims of sabotaging gov’t with recent outages

September 17, 2020
Business

[Video] Minority alleges a ploy between gov’t & PDS to acquire ECG

September 16, 2020
Next Post

ECG will still be privatized despite PDS fiasco – Finance Minister

Discussion about this post

Stay Connected

  • 1.7M Fans
  • Trending
  • Comments
  • Latest
20-year-old girl murdered at Doryumu

20-year-old girl murdered at Doryumu

January 12, 2021

Election Petition: EC admits possible errors in collation of presidential results

January 11, 2021

NDC heads to Supreme Court over the declaration of NPP & Fomena MP as majority in Parl.

January 18, 2021
Chief Justice responds to Muntaka’s bribery allegation against a Justice of the Supreme Court

Chief Justice responds to Muntaka’s bribery allegation against a Justice of the Supreme Court

January 14, 2021

Ghana’s petroleum sector recorded -4% PPI in December 2020

January 20, 2021

December 2020 PPI records 7%

January 20, 2021
EOCO, Medical & Dental Council bust doctors, nurses for “baby harvesting”

EOCO, Medical & Dental Council bust doctors, nurses for “baby harvesting”

January 20, 2021
Mahama’s legal team delaying hearing process for media spectacle – Oppong Nkrumah

Mahama’s legal team delaying hearing process for media spectacle – Oppong Nkrumah

January 20, 2021

Recent News

Ghana’s petroleum sector recorded -4% PPI in December 2020

January 20, 2021

December 2020 PPI records 7%

January 20, 2021
EOCO, Medical & Dental Council bust doctors, nurses for “baby harvesting”

EOCO, Medical & Dental Council bust doctors, nurses for “baby harvesting”

January 20, 2021
Mahama’s legal team delaying hearing process for media spectacle – Oppong Nkrumah

Mahama’s legal team delaying hearing process for media spectacle – Oppong Nkrumah

January 20, 2021
3news

3news.com is the fastest growing news portal in Ghana. Get all breaking news updates, latest news headlines, local and world stories, showbiz, lifestyle etc.

Follow Us

Browse by Category

Recent News

Ghana’s petroleum sector recorded -4% PPI in December 2020

January 20, 2021

December 2020 PPI records 7%

January 20, 2021
  • 3Sports
  • Home
  • MG Radio

© 2021 Media General - Developed and managed by MG Digital.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus

© 2021 Media General - Developed and managed by MG Digital.