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December 8, 2023
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MiDA denies claims CH Group pulled out due to inadequate information on ECG financial status

The Millennium Development Authority (MiDA) has denied reports that the CH Group, pulled out of the concession race due to inadequate information provided about the financial state of ECG. CEO of MiDA, Martin Esson Benjamin speaking exclusively to TV3 Business said all the companies were privy to the same information. Three companies were expected to submit their proposals for the final bidding process of the concession. The three companies were Manila Electric Company from the Philippines (Meralco); CH Group Ghana, EDF and Veolia SA; and BXC Company Ghana Limited, registered and operating in Ghana. They were expected to submit their final proposals on the concession by March 26th, 2018. But MIDA in a press release on Monday noted that two companies BXC and Meralco were the two companies that met the deadline for the submission of proposal for the concession. There were also reports that EDF had pulled out due to lack of data on the performance and financials of ECG. But CEO of MiDA Martin Esson Benjamin told TV3’s Grace Asare none of the companies had preferential treatment. “There were 3 entities and they had the same amount of information on ECG. The others took what was available, did their own extrapolations, asked their questions and went ahead to do their own due diligence and then submitted their proposals”, he added He is optimistic the two who submitted their documents have the competence to transform the ECG. Government in 2014 signed the Ghana Power Compact with the Millennium Challenge Corporation (MCC) an independent USA government foreign aid agency which provides the country a grant of $498.2 million to improve the performance of Ghana’s power sector to unlock the country’s economic potential, create jobs and reduce poverty. The major project under the Compact is the ECG Financial and Operational Turnaround Project that is designed to transform ECG into an efficient and financially strong institution through private sector participation. About $351 million of the MCC grant was being invested in ECG. Source: 3FM |3news.com]]>

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