Workers of the Electricity Company of Ghana (ECG) are protesting against government’s privatization of the utility company, saying the move would not promote the interest of Ghanaians.

The workers hoisted red banners at the entrance, front office and other available space at the company’s head office yesterday in Accra with inscriptions such as ‘ECG Not For Sale’ and ‘Do Not Sell ECG.’

They said the ceding of control and management of the power distribution company to a private concessionaire should be the last option.

According to them, the company could at least have been prepared for some five years in anticipation of listing on the Ghana Stock Exchange (GSE) where the needed capital would be raised to revamp the company.

Government is looking at getting about $400 million from the concessionaire to take over the control and management of ECG, and workers have indicated it is too small compared to the company’s assets.

Per the second compact of the Millennium Challenge Account (MCA) signed by the Government in August 2014, the ECG is set to be leased to a private company for up to 30 years. However, the decision has been widely criticized by many experts and individuals, including the workers of the company, who are under the Public Utility Workers Union of the Trades Union Congress (TUC).

Deputy General Secretary of the Public Utility Workers Union, Michael Adumatta Nyantakyi, toldBUSINESS GUIDE that the union was worried about government’s neglect of its concerns after all the meetings and discussions.

“Government must understand that workers are key stakeholders in ECG,” he said.

“ECG would be given to a private concessionaire under a concession arrangement for 25 years, so the concessionaire would be in charge of managing, operating and running the network of ECG for the stipulated period of 25 years. Assets are not being sold but then the control and management are being transferred from government to a private operator for a period of 25 years, and this is not in the interest of the Ghanaian.”

He also said tariffs would go up since the private concessionaire would not work as a charity organization.

“It is coming to make profits and repatriate all to the US since it is likely to be a US company.”

During his May Day speech at Wa in the Upper West Region, President Mahama said government has “no intention of privatising ECG” an assertion which has been disputed by many.

The MCA Compact is expected to invest $498.2 million to support the transformation of Ghana’s electricity sector and stimulate private investment.