The new Philippine company set to appropriate ECG (Electricity Company of Ghana) is bringing approximately $580 million into their operations.
Meralco Consortium, a power corporation from the Philippines, will adopt all assets and operations associated with ECG under the name Power Distribution Services (PDS) Ghana Limited.
The takeover happens on February 1, 2019. This event is expected to increase the funds of the power distribution company to expand operations and build a new post in Pokuase.
Meralco Consortium won the bid to take over the operations of ECG and is now the primary stakeholder in PDS Ghana Limited.
Martin Eson-Benjamin (Chief Executive Officer of the Millennium Development Authority) was optimistic that the funds would improve ECG’s fortunes and help stabilize the country’s power distribution.
“We have gone through many processes and now I can tell you that everything is almost completed for the new company to take over.
“The takeover will bring efficiency and we will all see the improvement in the new company, he said, adding that the company would also work to remove leakages and financial losses in the system.
Meanwhile, some workers expressed their fear of losing their jobs.
The redundancy that followed after the takeover of Ghana Telecom by Vodafone in 2008 is still fresh in their mind and this gives a cause for concern.
They were skeptical about President Nana Addo Dankwa Akufo Addo’s pronouncement that no worker of the ECG would lose his or her job as a result of the takeover.