Energy Minister, Boakye Agyarko has disclosed that the concession agreement between government and the Consortium of investors led by the Manila Electric Company (Meralco) for private sector participation in the Electricity Company of Ghana (ECG) will become effective by August 2, 2018.
The concession agreement which has been brought before Parliament for ratification is intended to have private sector participation in the Electricity Company of Ghana, according to the terms of the Second Millennium Challenge Compact.
Addressing a press conference in Parliament onTuesday after the presentation of the paper on the floor of the House, Mr. Agyarko stated that they have completed a draft of the negotiation agreement and already have Cabinet approval.
“We are now seeking Parliamentary ratification, after that there is the signing by July 26, transaction becomes effective by August 2, 2018” he said.
What it means is that the entire concession agreement becomes legally binding on both parties.
The Speaker of Parliament, Prof.Mike Oquaye has referred the concession agreement to the Mines and Energy Committee for consideration and report.
Parliament is also expected to ratify the concession agreement before the commencement of the signing on ceremony.