Energy New MiDA board under pressure to list ECG on the stock market

Pressure has begun mounting on the newly constituted board of the Millennium Development Authority (MiDA) on its responsibilities.

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The newly constituted board of the Millennium Development Authority (MiDA) is torn between what to prioritize within its mandate.

The 11-member board was inaugurated by President Nana Addo Dankwa Akufo-Addo to find practical solutions to Ghana’s energy crisis.

Among their mandate is to advise the government as to how to implement the Compact two of the millennium challenge account with the aim of improving the country’s power sector.

READ ALSO:Mass disconnection exercise ongoing in Ashanti Region

Already, there are concerns by the Senior Staff Association of the Electricity Company of Ghana that the board must not allow private participation in the operations the company as required under the Compact.

National chairman of the Association, Patrick Tetteh Benyami has downplayed the merits of Public Private Partnership(PPP) in the operations of the board.

 

According to him Public Private Partnership (PPP) increases utility tariffs which the Ghanaian is not ready to pay more.

READ ALSO:Power cuts to end in March - ECG

Also, since these private companies will concentrate more on the cities, there will be an increase in rural urban migration, he added

For Energy expert Kwadwo Poku, the board should consider building the capacity of the ECG than seeking to list the company on the Ghana stock market.

“The electricity company of Ghana needs capacity building; a resuscitating than listing on the stock exchange. Let’s build it and make it attractive first”

However, campaign coordinator of the Integrated Social Development Centre, Dr Steve Manteaw disagrees with those opposing the listing of ECG on the stock market.

READ ALSO:Samuel Boakye-Appiah appointed as acting CEO of ECG

He explains that the country can put ECG through other ownership forms, including listing on the stocks market.

"It worked for GOIL, and their entities and it will work for the ECG. So it should be topmost for the new board", he argued.

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