The cost of power can be reduced considerably if the Electricity Company of Ghana (ECG) is being run efficiently, managing director of Tropical Cables & Conductors Ltd, Dr Tony Oteng-Gyasi has said.

His comments coincided with an increase in utility prices; electricity tariff 5.94% and 2.22% for water.

Speaking on TV3’s Time with the Captains Monday, Dr Oteng-Gyasi noted that it is possible for the power distributor company to make a profit and reduce the prices of power.

“If we turn ECG around, I tell you (people will make money of course) but even more importantly the price of power in this country should be able to come down considerably if ECG is being run efficiently,” he said.

A private consortium, Power Distribution Services (PDS) Ghana Limited, took over ECG on March 1, 2019, under a 20-year concession agreement but the contract was on July 30 suspended by government over alleged breaches.

Dr. Oteng-Gyasi contended that the privatization of the ECG was prudent at the time.

According to him, “if you run a utility and a national assert like ECG, and you consistently have problems with debt, its inability to run as a growing concern, privatization is a good option.”

He, however, disproved claims that he owned 15% shares in the suspended PDS consortium.

“It is not true. I wish I did. Honestly, I wish somebody would have made me a formal offer,” he said, adding “it is only the owners who can make an offer to another private person like myself to become part of it and until they make me that offer, I don’t have it,” he explained.