The Ghana Cylinder Manufacturing Company Limited (GCMC) is on the verge of being acquired by the Ghana Gas Company, a move that could revive the fortunes of the troubled firm.
The acquisition was sanctioned by President Nana Addo Dankwa Akufo-Addo in April 2023, after years of poor performance and losses by the GCMC.
The company recorded a GH4 million loss in 2021 and was unable to meet its short-term liabilities, according to the Auditor General.
The Managing Director of the GCMC, Genevieve Sackey, revealed the pending acquisition at a Public Accounts Committee (PAC) meeting in Accra on Tuesday.
She said the acquisition document was with the Ministry of Finance and would be submitted to the cabinet soon.
“We are hoping that by the end of the first quarter, it would be acquired by Ghana Gas,” she said.
The acquisition is expected to boost the production and distribution of gas cylinders in the country and create more jobs for the youth.
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