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Business News of Thursday, 12 July 2018

Source: Starrfmonline.com

Name Ghanaian companies to hold 51% ECG share – Energy expert

Agyarko 4 Boakye Agyarko, Energy Minister

Energy experts are demanding full disclosure of the identity of Ghanaian entities entrusted with 51 percent share of ECG as part of the Millennium Compact II Agreement.

Energy Minister Boakye Agyarko told parliament Tuesday when he was laying the agreement before the House that the concessionaire, Meralco Consortium has settled on three Ghanaian companies who will collectively own 51 percent shares as stipulated by the agreement.

Speaking on Morning Starr Wednesday, the Executive Director for the Africa Centre for Energy Policy (ACEP) Ben Boakye charged that details of the companies should be published in order to enhance transparency.

“We now have to dig deeper to understand who the faces are, who the individuals behind those companies are. Because essentially the success of this arrangement hinges on those who are participating, their capacity to deliver and the capacity of government to control the process or monitor the process for them to deliver,” he told Morning Starr host Francis Abban.

“So at all times,” he added, “we have to ensure that these are genuine businesses and not politicians who are actually metamorphosed into companies…that would affect monitoring of the concession arrangement and that is why we are interested in knowing exactly who the faces are, who are those behind these companies.”

Meanwhile, energy analyst and Chairman of the Public Interest and Accountability Committee, Dr Steve Manteaw fears the shortlisted companies may not be credible because of lapses in the agreement.

According to him, “when this whole process started it was part of the conditions prior to selecting the company that will manage ECG. But somehow because of challenges associated with it, with the agitation in selecting local partners by the various companies, willing to take over EC, we decided to relegate it to the background and that for me is unfortunate and that could compromise the quality of whoever can become the local partner to Meralco.”

But Deputy Information Minister, Kojo Oppong Nkrumah allayed the fears of the experts, assuring that they will be addressed during the agreement’s rectification process in parliament.

“Parliament will not be stampeded in anyway as it goes about the process of interrogating and inviting all the stakeholders to provide information to parliament. So, I am not in the least tempted to believe that parliament will be stampeded,” he assured on Morning Starr.