The Millennium Development Authority (MiDA ) has named Wednesday, February 27, 2019, as the new date for the official takeover of the Electricity Company of Ghana (ECG) by the Power Distribution Services Ltd (PDS).
The planned takeover of ECG by PDS Ghana was postponed last month.
Power Distribution Services (PDS) Ghana was expected to take over the operations of ECG effective February 1, 2019.
A statement from MiDA said “On Thursday, 21st February 2019, the Board of Directors of the Millennium Development Authority (MiDA) confirmed Wednesday, 27th February 2019 as the date for the ceremony to hand over the electricity distribution Assets and Operations of the Electricity Company of Ghana Ltd (ECG) to Power Distribution Services Ltd (PDS).”
“The Board of Directors and the ECG PSP Stakeholders anticipate a smooth transition, and count on the support and cooperation of all Ghanaians to ensure the success of PDS as the new Electricity Distribution Operator in the Southern Distribution Zone of Ghana.”
MiDA wishes to assure Ghanaians that it will continue to adhere to, and uphold high standards of transparency throughout the process.
Planned turnaround of ECG
Power Distribution Services promised some massive turnaround of ECG when they finally take over.
PDS is expected to invest over ¢500 million in ECG.
The Millennium Development Authority has indicated there are clauses in the concession that would result in the “agreement” being reviewed every five years, that is if they are not able to meet the Key Performance Indicators (KPI’s) under the concession.
In a related development, The Institute of Energy Security(IES) has stated that the delay in announcing the takeover of the Electricity Company of Ghana (ECG) by Power Distribution Services(PDS) is due to the refusal of PSD to provide a bond guarantee.
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