The president, Nana Addo Dankwa Akuffo Addo has indicated his government’s commitment to review the Millenium Challenge Corporation (MCC) Power Compact II agreement on the concession of the Electricity Company of Ghana (ECG) to secure jobs, ensure majority Ghanaian ownership and reduction of the agreement term from 25 to 25 years.
He made this known at the Independence Square to mark the May Day celebration. The Day is set aside to celebrate workers and highlight challenges that confront them. Speaking at the event the president said the new amendment to the agreement will meet the aspiration of Ghanaians.
He said: “we have stated that we are taking a second look at the ECG compact”
“We are driven by two consideration. We are as concerned as the workers that the reform should not lead to involuntary job losses and we should find a long term solution to the nation’s electricity problem.
In this regard, the government is amending the terms of the agreement of the concession agreement to require that: 1. Ghanaians own at least 51 percent of the concession. 2. There should be no involuntary layoffs as the result of the concession. 3. The term of the concession will be reduced from 25 to 20 years”
reportingoilandgas.org, Kwabena Tabiri