Ghana Gas Company is in the advanced stages of acquiring Ghana Cylinder Manufacturing Company Limited, a struggling cylinder manufacturer.
President Nana Addo Dankwa Akufo-Addo authorised the acquisition in April 2023, following the company’s years-long operational challenges and a reported GH4 million loss in 2021.
According to the Auditor-General’s assessment, the financial standing of Ghana Cylinder Manufacturing Company currently renders it unable to meet its immediate financial obligations.
Ms Genevieve Sackey, Managing Director of the Ghana Cylinder Manufacturing Company Limited, revealed the impending acquisition during a Public Accounts Committee (PAC) session 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 confirmed.
Source: Blaqpenbusiness.com
