The Ghana National Gas Company Limited has taken ownership of the Ghana Cylinder Manufacturing Company Limited following substantial financial losses, including a GH¢4 million deficit in 2021.
The government explained that the acquisition is intended to boost the cylinder company’s production capacity to better serve customer demands.
During a ceremony in Accra, Minister of State at the Ministry of Energy, Herbert Krapa, hailed the move as an important milestone.4o
“What we are celebrating here today, I believe is the culmination of different milestones. Starting with the President approving the acquisition of cylinder manufacturing by the Ghana National Gas Company and I think the President deserves all our applause for that.
“I think we also need to acknowledge the Ghana National Gas Company for stepping up and taking the responsibility of acquiring the Ghana Cylinder Manufacturing Company. I joined the Ministry of Energy at a time when the conversation about the acquisition was ongoing.
“… It was not only Ghana Gas who was interested in this acquisition, there were other interested parties and Ghana Gas put on such a compelling case that it was just impossible to ignore the benefit and the future that cylinder manufacturing partnership with Ghana Gas,” he stated.
In the meantime, Genevieve Sackey, Managing Director of the Ghana Cylinder Manufacturing Company Limited, highlighted that this move aligns with the nation’s objective of shifting towards a low-carbon economy.
“Launching the new GCMC represents not just a local change. It demonstrates Ghana’s dedication to upholding global environmental, social and governance standards. By adopting sustainable production methods and advocating for clean energy, we are positioning Ghana as a pioneer in a shape to a low carbon economy,” she added.