Akufo-Addo gives reason why PDS deal was suspended

Akufo-Addo gives reason why PDS deal was suspended

- Ghana's President Nana Akufo-Addo has justified the government’s decision to suspend its concession agreement with Power Distribution Services

- According to Akufo-Addo, the government had to protect the assets of the Electricity Company of Ghana which is worth some $3 billion

- He said the delegation sent to Qatar have held meetings over the matter and are on their way back to Ghana to report the outcome of the deliberation

President Nana Addo Dankwa Akufo-Addo, has finally broken his silence on the suspension of the PDS agreement.

Speaking at a gathering of Ghanaians in Angola, Thursday, August 8, 2019, President Akufo-Addo explained that in the best interest of Ghana, the agreement with the Power Distribution Services had to be put on hold.

Her opined that the government suspended the PDS agreement in the interest of the public, and to protect the assets of the Electricity Company of Ghana (ECG) worth over $3 billion.

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He also noted that the NPP government made the suspension public because they wanted the public to know exactly what was going on and “hold the government to account for its stewardship”.

The President explained that a fundamental part of the agreement required that PDS put up a guarantee to cover some $400 million.

It turned out that there are problems with this guarantee. Therefore, the protection that we should have in the transaction was not really there. The matter came to our notice, and we decided that the first thing to do was to protect the public assets by suspending the agreement with this private sector operator and returning the assets to the control of the ECG whilst a process of investigation was being carried out,” he added.

Akufo-Addo further stated that suspension of the PDS agreement will not in anyway affect the distribution and flow of electricity.

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“Things will continue on a stable basis,” he added.

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Source: Yen.com.gh

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