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17.02.2006 Business & Finance

ECG for stock market, attempt to improve performance


Tema, Feb. 17, GNA - The Electricity Company of Ghana (ECG) is putting measures in place to maximise revenue collection, improve upon its performance and get listed to the Ghana Stock Exchange (GSE).

It is therefore, making vigorous efforts to reduce losses to the barest minimum of 18 per cent, which will enable it get listed to the Ghana Stock Exchange (GSE) to build customer confidence, Mr Stephen Akuoko, Managing Director of the ECG told newsmen at the inauguration of a seven-member national executives of the Senior Staff Association (SSA) on Thursday at Tema.

It has Mr Micheal Twum Barimah Boadu as the President, with Mr William the secretary and Mr J. O. Lamptey as the treasurer. The Managing Director said in an effort to attain qualities, the ECG is determined to clear all its backlog arrears by collecting 90 per cent of its arrears on the billings to 18 per cent that would make it efficient and profitable and hope to get listed to the GSE within the next two years.

The management, he said, was planning to install Information Communication Technology at its core centres that would be networked to vital areas of the company to monitor activities, hoping that it would go a long way to reduce power outages and other complaints, adding that, "when this is achieved, we will not depend on customers for complaints again".

Mr Akuoko said after the completion of the intended programme, institutions like the fuel filling stations that operate continuously would be used as additional serving points for the payment of electricity bills so that payment could be done 24 hours without break and this would not give course for customers complain about non availability of payment centres.

The Managing Director however, stated that the EGC would require 240 million dollars for the next five years to rehabilitate its facilities and execute its programme to be able to serve its numerous customers country wide.

Already, he said the government has secured 50 million dollars loan from the World Bank to undertake some network development in terms of load shedding, that served 35 areas in Accra and has secured another 30 million dollars from the Norwegian government to carry out work in Accra, Kumasi and the regions.

To achieve perfection however, he impressed on the entire staff to put in their best, managers must ensure strict supervision, while management tap expertise to retrain them to improve upon their performance in order to win customer satisfaction.

Dr Smart Yeboah, Tema Area Manager of the ECG called on the executives to exhibit good leadership qualities to bring their experience to bear on the work and support the staff to remain focused and work towards achieving the set goals.

The new president, Mr Boadu called for collaborative efforts and commitment to duty and assured of peaceful co-existence to achieve their turn over.