As part of the deal Ghana singed with the United States of America to get access to money in the Millenium Challenge account, the Electricity Company of Ghana (ECG) is to be put under concession.
The argument is to ensure that ECG is more efficient and provides better services to Ghanaians.
For this, a number of companies applied to win the bid to manage ECG.
Yesterday the Millennium Development Authority (MiDA) announced that Philipines based Meralco Consortium won the bid.
Here are 5 things you need to know about the company that will be supplying you power.
It is based in the Philipines, where it is the country’s largest power distribution utility that caters to the power requirement of its more than 6 million customers. That includes the core of the country’s industrial, commercial, and population centres.
The company is guided by the principles of Fairness, Accountability, Integrity, Transparency and Honesty, Meralco aims for excellence that goes beyond compliance.
On June 21, 2017, the Standard & Poor’s (S&P) global ratings raised its long-term corporate credit rating on Meralco to Investment Grade at BBB- with Stable Outlook from BB+ with Positive Outlook. In simple English, it is a good company to give loans to meaning they can raise the needed capital to manage ECG.
Meralco is the largest private sector electric distribution utility company in the Philippines covering 36 cities and 75 municipalities, including Metro Manila.
Now on its 115th year in service, Meralco is committed to being the total energy solutions provider of choice to its customer.
Meralco was established in 1903 as Manila Electric Railroad and Light Company to provide electric light and power and an electric street railway system to Manila and its suburbs.