The Ghana Cylinder Manufacturing Company Limited had considerable losses, including a GH¢4 million deficit in 2021, which prompted the Ghana National Gas Company Limited to purchase the company.
The government claims that the purpose of this action is to increase the Ghana Cylinder Manufacturing Company’s ability to manufacture additional cylinders that efficiently satisfy consumer demands.
The acquisition represents a major milestone, according to Herbert Krapa, the Minister of State of the Ministry of Energy, who spoke during an Accra ceremony.
“What we are celebrating here today, I believe is the culmination of different milestones. Starting with the President approving the acquisition of cylinder manufacturing by the Ghana National Gas Company and I think the President deserves all our applause for that.
“I think we also need to acknowledge the Ghana National Gas Company for stepping up and taking the responsibility of acquiring the Ghana Cylinder Manufacturing Company. I joined the Ministry of Energy at a time when the conversation about the acquisition was ongoing.
“… It was not only Ghana Gas who was interested in this acquisition, there were other interested parties and Ghana Gas put on such a compelling case that it was just impossible to ignore the benefit and the future that cylinder manufacturing partnership with Ghana Gas,” he stated.
The managing director of the Ghana Cylinder Manufacturing Company Limited, Genevieve Sackey, emphasized that this move is in line with the nation’s objective of shifting to a low-carbon economy.
“Launching the new GCMC represents not just a local change. It demonstrates Ghana’s dedication to upholding global environmental, social and governance standards. By adopting sustainable production methods and advocating for clean energy, we are positioning Ghana as a pioneer in a shape to a low carbon economy,” she added.
