President Akufo-Addo has granted the Ghana National Gas Company Limited (Ghana Gas) the approval to purchase the Ghana Cylinder Manufacturing Company.
The acquisition of the company will help it acquire the necessary resources to run efficiently.
This was captured in a letter the Presidency wrote to Genevieve Sackey, the Managing Director of the Ghana Cylinder Manufacturing Company Limited and sighted by Citi News.
The letter signed by Nana Bediatuo Asante, Secretary to the President, on behalf of President Akufo-Addo was dated April 18, 2023.
“With reference to your correspondence dated 24th March 2023, bearing on the above-mentioned subject matter, I write to inform you that the President of the Republic has granted approval for the acquisition of Ghana Cylinder Manufacturing Company Limited (GCMC) by the Ghana National Gas Company (GNGC),” parts of the letter read.
The cylinder manufacturing company which has been in existence for over 30 years has been struggling to run efficiently for years due to alleged mismanagement by previous managers.
The GCMC, which hitherto was incorporated as a Private Limited Liability under the Companies Code, 1963 (ACT 179) in 1998, is currently 100 percent fully owned by the State.
It was established to promote wider usage of Liquefied Petroleum Gas (LPG) as a substitute for charcoal and firewood, and thereby curtail some of Ghana’s environmental challenges of degradation, deforestation and desertification caused by excessive use of firewood.
President Akufo-Addo in February 2023 nominated Madam Genevieve Sackey as the new Managing Director of Ghana Cylinder Manufacturing Company Limited.
This followed the resignation of the former MD of the company, Frances Awurabena Asiam.