Ghana Gas On The Verge Of Acquiring Cylinder Manufacturing Company

Ghana Gas Company limited is in the final stages of acquiring Ghana Cylinder Manufacturing Company Limited.

President Nana Addo Dankwa Akufo-Addo in April 2023, approved the acquisition of the cylinder manufacturer which has been struggling to operate for years by the gas aggregator.

The company incurred a GH4 million loss in 2021.

According to the Auditor General’s estimation, the current financial position of the Ghana Cylinder Manufacturing Company makes it incapable of meeting its short-term obligations.

Managing Director of the Ghana Cylinder Manufacturing Company Limited, Genevieve Sackey disclosed the imminent acquisition at a Public Accounts Committee (PAC) sitting in Accra on Tuesday.

“We are in the process of an acquisition. At the moment, we are in the final stages. The document is with the Ministry of Finance to be forwarded to the cabinet. So we are hoping that by the end of the first quarter, it would be acquired by Ghana Gas,” she stated.

She made the disclosure when the company appeared before the committee to respond to audit querries raised it by in the Auditor generals Report.