According to him, government is taking a second look at the Compact, stressing that in addition to finding long term resolutions to the nation’s electricity problems, the $495 million Compact will not lead to involuntary job losses.

President Akufo-Addo made this known on Monday in a speech delivered to mark this year’s May Day celebrations at the Independence Square. 

The President revealed in his speech that “government has amended the terms of the concession agreement.” 

The new terms of the agreement, he stated, require that “Ghanaians own at least 51% of the concession; there should be no involuntary lay-offs as a result of the concession;  the term of the concession would be reduced from 25 to 20 years. “

These amendments, the President was confident, “meet the aspirations of Ghanaians in protecting the jobs of workers and the control and viability of ECG.”

The assurances by President Akufo-Addo is aimed at assuaging the fears of the Public Utilities Workers Union (PUWU), who are of the view that the second MCC compact  will impact negatively on ECG and result in lay-offs.

It will be recalled that PUWU, in August 2016, went on strike for three days then in protest against the compact, calling on government to review the compact which sought to cede ECG to private investors for a period of 25 years. PUWU also urged government to rescind its decision to sign onto the compact which could also lead to lay-offs.