Ghana Gas Company is poised to finalize its acquisition of Ghana Cylinder Manufacturing Company Limited by the end of the first of 2024.
The move, authorized by President Akufo-Addo in April 2023, follows years of reported losses, including a significant GH¢4 million deficit in 2021 by the Ghana Cylinder Manufacturing Company.
A comprehensive assessment by the Auditor-General underscores the precarious financial position of Ghana Cylinder Manufacturing Company, highlighting its inability to fulfill immediate financial obligations.
Ms. Genevieve Sackey, Managing Director of Ghana Cylinder Manufacturing Company Limited, revealed the imminent acquisition during a Public Accounts Committee (PAC) session held in Accra on Tuesday.
“We are in the process of an acquisition. Currently, we are in the final stages, with the document awaiting review by the Ministry of Finance before being forwarded to the cabinet. We anticipate that by the end of the first quarter, the acquisition will be completed by Ghana Gas,” she affirmed.
This strategic move signifies a pivotal step in Ghana’s industrial landscape, with implications for both entities and the broader economy. As the acquisition progresses through regulatory channels, stakeholders await further developments, underscoring the evolving dynamics within Ghana’s corporate sector and the government’s proactive measures to address financial challenges in key industries.
Source:norvanreports