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Citi Newsroom

Ghana Gas to acquire Cylinder Manufacturing Company by end of first quarter

Ghana Gas to acquire Cylinder Manufacturing Company by end of first quarter

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

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

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The company incurred a GH4 million loss in 2021.

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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.

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

At the moment, we are in the final stages

So we are hoping that by the end of the first quarter, it would be acquired by Ghana Gas,” she stated.

Original Story on: Citi Newsroom
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