ECG Privatization: Government begins revaluation of assets

The Ghana government will today, June 20 begin a detailed revaluation of the fixed assets of the Electricity Company of Ghana (ECG).

A memo signed by the Director of Finance at ECG, Frank Anokwafo and copied Myjoyonline has directed the General Managers of ECG in Accra West branch, Eastern, and Western Regions to prepare for a thorough declaration and revaluation of the assets of the company.

The memo comes some weeks after President Mahama justified the need for the nation’s power distributor to be privatised.

Although ECG workers have opposed the plan of government, amidst threats, there is no sign their plea will be heard.

Addressing participants at an ICT expo in Accra, President Mahama said the current power distribution in the country is inefficient.

He explained, “You fix a situation by taking risks. It is a risk we took when we deregulated telecommunications. If you are not ready to take risks then the world is not ready to make progress.”

In line with that, government has contracted Messrs KPMG as “consultants to undertake a physical inventory and revaluation of the company’s fixed assets in fulfillment of its policy of carrying out this exercise every five years and also to assist in determining appropriate values to be assigned them for the impending concession arrangement.”

According to the memo, “The consultant and his team will be visiting your region and a number of districts from 20th June 2016 to 1st July 2016 to do a physical inventory of both movable and immovable property i.e. vehicles, substations, switchgear, computers, electricity networks and all others.”

It ordered the release of the regional and district engineers to assist the team of evaluators in locating the networks and various substations as well as switchgear in the regions.

It also called for the release of “transport officers to assist the team to identify all vehicles in the regional and district offices; the release of a human resource officer to assist the team in identifying structures in the region.” “The provision of first class accommodation (including meals) to the team which includes expatriates,” it added.

The memo ended by urging the General Managers of ECG across the country to support the exercise with all “the necessary attention and seriousness it deserves.”