ECG privatisation: No job cuts - MIDA boss

There would be no job cuts at the Electricity Company of Ghana if a concessionaire takes over the management of the company in 2017, the CEO of the Millennium Development Authority (MiDA) Owura Kwaku Sarfo has confirmed.

According to him, every staff’s job is secured because ECG is not overstaffed.

A private investor is expected to manage and add to the assets of the state-owned power distributor from 2017 over a minimum period of 20 years.

The arrangement is being pursued as part of strategies to lessen the persistent power crises bedeviling the country.

The power distributor needs an average of $ 200 million worth of investment annually to run its operations; an amount government says it cannot afford.

Government has signed the Ghana Power Compact with the Millennium Challenge Corporation which would provide close to $500, 000,000 to improve the power sector.

$300,000,000 of this grant is being invested in ECG alone.

As part of the agreement, government would have to transform the company through private sector participation.