The Ghana National Gas Company Limited has taken ownership of the Ghana Cylinder Manufacturing Company Limited (GCMC) following significant financial losses, including a GH¢4 million loss in 2021. The acquisition is part of the government’s strategy to boost GCMC’s production capacity and meet increasing customer demand for cylinders.
At a ceremony in Accra, Herbert Krapa, Minister of State at the Ministry of Energy, hailed the acquisition as a key achievement. He highlighted the President’s role in approving the takeover and praised Ghana National Gas for stepping up to acquire GCMC amidst competition from other interested parties.
“This is a significant milestone in strengthening the cylinder manufacturing industry. Ghana Gas made a compelling case, proving the benefits and future potential of this partnership,” Krapa said.
Genevieve Sackey, Managing Director of GCMC, emphasized the acquisition’s alignment with Ghana’s broader goals of transitioning to a low-carbon economy. She added that GCMC’s new direction under Ghana Gas would prioritize sustainable production methods and clean energy, positioning the country as a leader in environmental, social, and governance (ESG) standards.
The move is expected to support Ghana’s clean energy agenda while revitalizing GCMC’s operations.
