The planned takeover of the Electricity Company of Ghana (ECG) by the Millennium Development Authority (MiDA) has been postponed. That’s according to a statement from MiDA
Power Distribution Services (PDS) Ghana Ltd was expected to take over the operations of ECG effective February 1, 2019.
The statement explained that the Board of Directors of the Millennium Development Authority, (MiDA) acknowledged “the significant progress made by all the Stakeholders involved in the ECG PSP Transaction towards meeting various Conditions Precedent to the transfer of the Assets and Operations of the Electricity Company of Ghana Ltd (ECG) to Messrs Power Distribution Services (PDS) Ghana Ltd”.
“MiDA is confident that the transfer will occur in the next few weeks. The Board approved an extension of time to allow the Parties and Stakeholders, namely Government of Ghana (GoG), ECG and PDS, to conclude their Consultations and finalize work on some critical aspects of the Transaction, in order to facilitate a smooth transfer”. it said.
“MiDA wishes to assure Ghanaians that it will continue to adhere to, and uphold high standards of transparency throughout the process. MiDA will announce a new Transfer Date in early February,” it said.
This latest move comes after the Chief Executive Officer, (CEO) of MiDA, Martin Eson-Benjamin announced that PDS will takeover the operations, assets and management of ECG on February 1.