Beginning February 1, 2019, Meralco Consortium will take over operations of ECG (Electricity Company of Ghana) in a deal that will inject some $580 million into operations of the local power company.
“We have gone through many processes and now I can tell you that everything is almost completed for the new company to take over.” – Martin Eson-Benjamin, CEO, MiDA
In April last year, Meralco Consortium; a power corporation from the Philippines, won the bid to become the primary stakeholder in what will now be called Power Distribution Services (PDS) Ghana Limited — after the takeover.
Martin Eson-Benjamin, CEO of the Millennium Development Authority — which awarded the bid to Meralco Consortium, was of the optimistic view that the ECG would now have the funds to help stabilize the country’s power distribution.
“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,” he said.
In a related development, some workers at the ECG have expressed fear concerning their job security. This comes even after assurances from President Nana Akufo-Addo that no workers would lose their jobs in the takeover. They remain skeptical as the redundancy following Vodafone’s 2008 takeover of Ghana Telecom is still quite fresh in their minds.
The Meralco Consortium is led by the Manila Electricity Company of Philippines, which covers a third of the Philippines — serving a customer population upwards of six million.