PDS is taking over the management and operations of the ECG after Meralco Consortium, a major shareholder in PDS won a bid to manage the ECG.
Speaking at a handing over ceremony in Accra, Energy Minister stated that the operations of PDS would closely be monitored to ensure performance delivery.
“I wish to ensure the concessionaire, PDS that I am going to keep my eagle eye on the key performance indicators set out on the transaction agreement, and for some reason all those challenges enumerated above on any single occasion during the operation that you are expected to deliver effective service will come undone, an exit to the door will clearly be an option,“ he said.
Mr. Amewu noted that the PDS is expected to improve the operations of ECG and return the company to profit in a short period.
The ECG private sector participation activity is one of five key projects activities that make up the ECG Financial and operational turnaround project under the 498-million dollar Ghana Compact two programme.
The project is designed to strengthen the governance and management of ECG as well as undertake infrastructural and foundational investments designed to reduce technical, commercial and collection losses, while improving service quality.
The Vice President of Meralco Philippines, Mr. Ireneo Acuna, was of the view that the revision of shares from 20 percent local participation to 51 percent was is a laudable initiative taken by the Nana Addo government.
“When the second bidding conference was done and the government said they want to increase the local participants, we were the only company that was excited because we believe in that,” Mr. Acuna said.