President John Dramani Mahama said on Tuesday government has not sold the Electricity Company, and has no intention of doing so in the coming years.
He said: “Allowing private sector participation in power generation and distribution does not mean government is selling ECG to private companies”.
President Mahama announced this when he inaugurated a 165 MVA Enclave Power Company substation in Tema in the Greater-Accra Region.
The power Company is part of the LMI Holdings, a privately owned Ghanaian holding company with assets in excess of $100 million and with subsidiary companies engaged in industrial and residential estate development, telecommunications, logistics and warehousing.
It is also engaged in construction and quarrying, energy, oil and gas services recording an annual turnover of approximately $14 million for 82 GWH of electricity sold per annum, and is expecting to exceed $30 million and 120 GWH in 2015.
President Mahama explained that private sector participation in power production was not new and government would continue with such partnerships to ensure sufficiency in power and energy production and distribution.
He said government was working tirelessly to overcome the power gap that had been created as a result of the current challenges indicating that over the last two weeks a total of 200 megawatts had been added to the national grid.
“I remain committed to fixing the electricity challenges as I earlier on promised with cheaper-based power for Ghanaians.”
Dr Kwabena Donkor, Minister of Power commended the company for the initiative and gave the assurance that more support would be given to other interested investors in that regard.
He said government would continue to support the energy, power and other developments that would catapult its growth and development for the current generation and posterity.
Mr Kojo Aduhene, Chief Executive Office of the LMI holdings, commended government for supporting the company to reach the current status.
He, however, appealed for governmental intervention and support to move the project to greater heights and serve Ghanaians much better.