He gave the assurance that the exercise would rather empower the company to make effective and efficient policies to step up their fortunes and improve their service to Ghanaians and beyond.

"The current system is just not working efficiently as we are recording significant shortfalls and we will, therefore, continue to consult and work with organised institutions to ensure its stability."

President Mahama was addressing the leadership of the Trades Union Congress (TUC) who had called on him at the Flagstaff House, Kanda, to introduce their newly elected members. The President later held a similar meeting with the leadership of the Association of Ghana Industries (AGI) and the Ghana Employers Association (GEA) at the Flagstaff House.

There have been growing concerns on the proposed privatisation of the ECG to ensure efficiency and better service delivery. While some pundits believe that the privatisation of the company could resuscitate it to provide better services others, including the Trades Union Congress, believe working with stakeholders and finding lasting solutions was a better option.

President Mahama said under the new package for the restructuring and re-financing of the ECG and other power generation companies, government was liaising with the World Bank and other stakeholders to "resurrect" the companies to play their mandatory roles. He said a chunk of the financial support would also come from the Millennium Development Compact which would not in any way result into job losses among the workers of the utility company.

On Housing, President Mahama said his next four-year term would concentrate on a massive housing scheme for public sector workers. He said most public sector workers over the years spent a chunk of their income on accommodation and, therefore, the provision of the facility would make them more comfortable to put up their best.

President Mahama commended organised labour for their contribution to resolving the daily minimum wage issue before the presentation of the national budget, a step, he said, was in the right direction to propel the country's development agenda.  Meeting with the AGI and the GEA, President Mahama said he would explore workable measures that would support the indigenous industries to break even and create jobs for many more Ghanaians.

"We will not do anything that will crowd out private sector businesses in the country but will rather explore credit facilities and create an environment for reduced interest rates for business to flourish," he said. Dr Yaw Baah, the Secretary General of the TUC, commended President Mahama for the numerous infrastructural development in the country.

He appealed to the President to put up measures that would compel financial institutions to reduce interest rates and improve on living conditions of Ghanaians.