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Business News of Tuesday, 7 June 2016


ISODEC to lead campaign against ECG privatization

The Integrated Social Development Centre, (ISODEC) is warning of dire consequences if the Electricity Company of Ghana (ECG) is privatized.

According to its Director, Dr. Steve Manteaw, the efficient management of the power distributor does not lie in selling if off to a foreign company.

“For me the challenge or the solution is not really about privatization…we need to do a proper diagnosis of the problem facing ECG and find a solution and not to quickly jump at privatization as an option,” he stressed.

His comment comes after President John Dramani Mahama defended government’s attempt to allow private sector participation in running of the ECG, adding that the move is necessary to make the company more efficient.

This comes on the heels of the ECG workers call on government to abandon such moves.

But defending his claim with examples, President Mahama said government had to similarly deregulate the telecommunication network like Ghana Telecom years ago because it was not working.

But on Adom News Tuesday, Dr. Manteaw expressed shock at the position taken by the President when in fact he vowed not to sell ECG.

In his view, the Ghana Telecom example being used by President Mahama is a nonstarter since it virtually on the verge of collapse.

Dr. Manteaw bemoaned how engagements about the intent to sell off the state asset are being done on the blind side of some critical stakeholders.

"We are worried about the fact that we have not had the opportunity to debate what are the diagnosis in this document...wisdom does not reside only in the heads of those in government in fact in many cases wisdom resides outside government".

The ISODEC boss maintained that if government insist on privatising ECG, then opportunity should be given to Ghanaians to manage it.

He indicated that handling it over to foreign will mean all the profits will be repatriated outside the country which will affect our foreign exchange.

Dr. Steve Manteaw said they would lead a campaign to against government if it does not rescind its decision to privatize the ECG.