The concession agreement between government and a consortium of investors, led by Manila Electric Company (Meralco) for private sector participation (PSP) in the Electricity Company of Ghana (ECG), would take off in February 1, 2019.
Both parties are expected to fulfill their obligations by completely transferring their property to Meralco between January and February 2019 for the PSP.
Martin Eson-Benjamin, the Chief Executive Officer (CEO) of MiDA, who made this known at a media stakeholders’ engagement in Accra, said all the interested parties and three agreements to the contract had been signed, while Parliament had also approved the deal.
He said the Authority was given 180 days to work on the conditions of the transfer and was optimistic it would meet the deadline on February 1.
Ghana signed the Power Compact with the United States of America (USA) through the Millennium Challenge Corporation (MCC), an independent US government agency, on the sidelines of the US Africa Leaders’ Summit in Washington DC on August 5, 2014.
Under the Power Compact, six projects would be implemented to tackle power unavailability and unreliability in Ghana.
They include ECG Financial and Operational Turnaround Project, NEDCo Financial and Operational Turnaround Project, Regulatory Strengthening and Capacity Building Project and Access Project, Power Generation Sector Improvement Project and Energy Efficiency and Demand Side Management Project.