President Nana Akufo-Addo has indicated that the country is committed to reviewing the Private Sector Participation (PSP) compact of the Electricity Company of Ghana (ECG) with the Millennium Challenge Corporation (MCC) to ensure 51 per cent local ownership.

The president noted that government was concerned as the workers of ECG that the reforms should not lead to involuntary job losses. Additionally, the reforms should be geared towards a long term solution to the country’s electricity problem.

“Government has amended the terms of the concession agreement to require that one, Ghanaians own at least 51 percent of the concession. Two, there should be no involuntary layoffs as a result of the concession,” Mr Akufo-Addo said as he addressed workers at the celebration of May Day in Accra.

Mr Akufo-Addo, concerned about the period of concession, emphasised that the review would ensure that “the term of the concession will be reduced from 25 years to 20 years”.

He expressed confidence that “these amendments meet the aspiration of Ghanaians in protecting the jobs of workers and ensuring the control and viability of ECG”.