President Nana Addo Dankwa Akufo-Addo has given the Ghana National Gas Company Limited (Ghana Gas) the green light to acquire the Ghana Cylinder Manufacturing Company.
In a letter dated April 18, 2023 and signed by Nana Asante Bediatuo, Secretary to the President, the Presidency wrote to the Managing Director of the Ghana Cylinder Manufacturing Company Limited granting approval for the acquisition of Ghana Cylinder Company by Ghana Gas.
“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 20 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.