President Nana Addo Dankwa Akufo-Addo has indicated that government is reviewing the Millennium Challenge Corporation (MCC) Power Compact II agreement on the concession of the Electricity Company of Ghana (ECG) to ensure job security, majority Ghanaian ownership and reduction of the agreement term from 25 to 20 years.

Speaking on Monday at the Independence Square to mark May Day, a day set aside to celebrate workers and highlight their challenges, the president said the new amendments to the agreement will meet the aspirations of Ghanaians

He said: "We have stated that we are taking a second look at the ECG compact.

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

"In this regard, [the] government is amending the terms of the agreement of the concession agreement to require that: 1. Ghanaians own at least 51 percent of the concession. 2. There should be no involuntary layoffs as the result of the concession. 3. The term of the concession will be reduced fro 25 to 20 years