A private company has taken over Ghana’s power supply operations for $91 million

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The electricity company of Ghana has officially handed over its operations today, February 27, 2019, to the Power Distribution Service Ltd (PDS).

By this, PDS will be the new owners and directors of the company.

The Millennium Development Authority (MiDA) made the revelation in a press statement. This planned takeover was postponed last month and has finally taken effect today.

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According to MiDA, their board of directors have set Wednesday, 27th February 2019 as the date for the ceremony to hand over the electricity distribution Assets and Operations of the Electricity Company of Ghana Ltd (ECG) to Power Distribution Services Ltd (PDS).

The distribution by the PDS will commence in the Southern Distribution Zone of Ghana.

“The Board of Directors and the ECG PSP Stakeholders anticipate a smooth transition, and count on the support and cooperation of all Ghanaians to ensure the success of PDS as the new Electricity Distribution Operator in the Southern Distribution Zone of Ghana,” MiDA said.

PDS is expected to turnaround the operations of ECG by investing over $91 million (500 million cedis) in ECG.

In addition, the new management will improve access to electricity while cutting down on waste in the system to block all leakages that drain the financials of ECG.

One major huddle that PDS will have to overcome is how to clear all debts owed ECG by the government through its state agencies and departments, as well as ministries.

Source:pulse.com.gh

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