Ghana Gas Company is nearing the completion of its acquisition of Ghana Cylinder Manufacturing Company Limited, with the deal in its final stages after President Nana Addo Dankwa Akufo-Addo‘s approval in April 2023. The move comes as the cylinder manufacturer has faced operational challenges, recording a significant GH₵4 million loss in 2021 and struggling to meet its short-term financial obligations, as highlighted by the Auditor General’s assessment.
Genevieve Sackey, Managing Director of Ghana Cylinder Manufacturing Company Limited, revealed the impending acquisition during a Public Accounts Committee (PAC) sitting in Accra. Sackey stated, “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 will be acquired by Ghana Gas.”
The acquisition signals a strategic move by Ghana Gas Company to bolster its operations and potentially address the operational challenges faced by Ghana Cylinder Manufacturing Company Limited. With the acquisition poised to be finalized in the coming months pending cabinet approval, it reflects the government’s commitment to addressing the financial viability and operational sustainability of key entities within Ghana’s industrial landscape.
