The purchase of Ghana Cylinder Manufacturing Company Limited by Ghana Gas Company is nearing completion.
President Nana Addo Dankwa Akufo-Addo authorized the takeover of the cylinder factory in April 2023. The company has been having operating difficulties for years.
In 2021, the business suffered a GH4 million loss. The Ghana Cylinder Manufacturing Company’s present financial situation, in the opinion of the Auditor General, prevents it from fulfilling its immediate obligations.
During a Public Accounts Committee (PAC) meeting in Accra on Tuesday, Genevieve Sackey, the Managing Director of the Ghana Cylinder Manufacturing Company Limited, revealed the impending acquisition.
“An acquisition is now underway. We are currently nearing the end of the process. To be sent to the cabinet, the document is at the Ministry of Finance. We thus anticipate that Ghana Gas will purchase it by the end of the first quarter,” the spokesperson said.
