Manila Electric Company (Meralco) the company which will officially take over running the Electricity Company of Ghana Limited (ECG) effective today February 1st under a 20-year concession agreement has been postponed.
A new date is yet to be announced, a management statement copied to MyNewsGh.com has said.
According to the statement, MiDA extended the ECG take over date through a mutual agreement to see both sides agree on some terms.
See full release:
For Immediate Release
ECG PRIVATE SECTOR PARTICIPATION (PSP): TRANSFER DATE
At a Special Meeting on Thursday 31st January 2019, 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.
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.