Government to take over Aboadze Plant

Accra, May 07, GNA - The government is taking steps to acquire the entire 100 per cent shares of the Aboadze Thermal Plant, Mr. Kwaku Kwarteng the government spokesperson on finance and economic planning said on Monday.

He said, "The decision had largely been precipitated by the manner in which our partner in the Takoradi joint venture, CMS Energy had sought to sell its shares in the venture to TAQA".

A statement in Accra signed by Mr. Kwarteng said the sale of the share was done without the Ghana government's knowledge, adding, "in fact it was done in complete disregard for our right in the joint venture".

The statement said if the transaction was however concluded, "it would be improper" because it "it would forced us to partner a company we do not know".

"Actually we disagree, for instant that it is entirely possible that TAQA, if they had bought the share would have on-sold those shares to Ghana. The considerations of such a scenario would be different from those of Ghana buying the shares directly from CMS".

The statement said government had advised CMS to hive off the Takoradi plant from its take-over discussions with TAQA.

"Given that electricity makes a critical and strategic input into our economy, we view these matters with utmost seriousness".

"In the circumstances, Ghana had been compelled to seek purchase of the entire 100 per cent of the shares in the Aboadze plant, and is in the process of making that happen," the statement added.

Accra, May 07, GNA - The government is taking steps to acquire the entire 100 per cent shares of the Aboadze Thermal Plant, Mr. Kwaku Kwarteng the government spokesperson on finance and economic planning said on Monday.

He said, "The decision had largely been precipitated by the manner in which our partner in the Takoradi joint venture, CMS Energy had sought to sell its shares in the venture to TAQA".

A statement in Accra signed by Mr. Kwarteng said the sale of the share was done without the Ghana government's knowledge, adding, "in fact it was done in complete disregard for our right in the joint venture".

The statement said if the transaction was however concluded, "it would be improper" because it "it would forced us to partner a company we do not know".

"Actually we disagree, for instant that it is entirely possible that TAQA, if they had bought the share would have on-sold those shares to Ghana. The considerations of such a scenario would be different from those of Ghana buying the shares directly from CMS".

The statement said government had advised CMS to hive off the Takoradi plant from its take-over discussions with TAQA.

"Given that electricity makes a critical and strategic input into our economy, we view these matters with utmost seriousness".

"In the circumstances, Ghana had been compelled to seek purchase of the entire 100 per cent of the shares in the Aboadze plant, and is in the process of making that happen," the statement added.