Business News of Monday, 24 November 2003
Source: Daily Graphic
A Joint venture between an Egyptian company and Ghanaian company to produce and market electricity meters is expected to take off in January next year.
The first phase of the $10 million project will enable the company to produce all types of credit and pre-payment meters in the country.
Briefing a cross-section of journalists in Accra last Friday, the Managing Director of the company, Ghana Electrometer, Mr. Yaw Darkwa, said the company would have the capacity to produce about 400,000 electric meters a year.
“This will, however, increase when the second and third phases of the project are completed”, Mr. Dankwa said. The Egyptian counterpart o the El Sewedy Group of Companies is a leader in meter manufacturing and electrical transmission components with over 60 years of experience.
Mr. Darkwa said the company, through its partners, had started plans to set up two new factories in the country within the next four years.
He said the company had targeted Ghana and other countries within the sub-region as market potential, adding that the company had decided to establish a plant in the country due to the political and economic stability in the country and also take advantage of the sub-region.