Privatization of state assets characterized by fraud – ISODEC boss

Campaign Coordinator of the Integrated Social Development Centre (ISODEC), Dr. Steve Manteaw is averse to the privatization of any state assets.
In his view, “privatization of state assets are characterized by fraud” thus until government quits the clandestine nature the negotiations, Ghanaians will continue to be shortchanged by political elites.
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His comment follows the rejection of a 51-percent stake in the Electricity Company of Ghana (ECG) by Ghanaian private investors by the concessionaires.
Government has taken the decision to cede ECG under a concessionary agreement to allow private participation in the affairs of the power company for a period of 25 years.
The deal is part of the Ghana Power Compact with the Millennium Challenge Corporation (MCC) for a grant of US$498,200,000 to improve the performance of Ghana’s power sector to unlock the country’s economic potential, create jobs, and reduce poverty.
The agreement has suffered some setbacks in the past because some workers of ECG complained that the deal is not in the interest of the country hence the agreement was unable to go through in the previous administration.
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After government proposed the 51% local content, workers of ECG changed their stance however, the foreign partners also have issues with the new percentages being proposed.
But on Adom FM’s morning show Dwaso Nsem Tuesday, Dr. Steve Manteaw said the move will not necessarily make ECG more efficient, citing previous experiences in the case of P and T converted to Ghana Telecom and later sold to Vodafone.
He indicated that, though he is not against efficiency at the ECG, a scenario where expatriates gain at the expense of Ghanaians is unacceptable.
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“[We want] quality assurance to ensure the agreement is in the best interest of the state; we have given them overgenerous capital allowances”, the ISODEC boss bemoaned.
On the way forward, Dr. Steve Manteaw suggested Ghanaians pile pressure on the Akufo-Addo led government to ensure the Ghanaian interest is paramount.