'We will derive maximum returns from ECG Power Compact Agreement'

Accra, May 1, GNA - President Nana Addo Dankwa Akufo-Addo on Monday said government was amending Ghana's Power Compact Agreement with the Millennium Challenge Corporation on the Electricity Company of Ghana (ECG) to enable the country to derive maximum returns.

He said the review of the Agreement would ensure that Ghana held majority ownership of the ECG, curtail involuntary job losses and reduce the concession of the company from 25 years to 20 years, rallying the staff of the ECG to trust government to address the sticky points of the Compact.

President Akufo-Addo gave the assurance when he addressed the 17th National May Day Parade of organised labour at the Black Star Square in Accra.

This year's event was marked under the theme: 'Ghana@60; Mobilising for Ghana's Future through the Creation of Decent Jobs.'

"We are driven by two considerations. We are as concerned as the workers that the reform should not lead to involuntary job loss and we should find a long term solution to the nation's electricity problem,' he said.

President Akufo-Addo gave the assurance that the new amendments to the agreement would meet the aspirations of Ghanaians.

'We believe that these amendments will meet the aspirations of Ghanaians in protecting the jobs of workers and in assuring the control and viability of the ECG,' he said. GNA

By Ken Sackey, GNA