Cancellation of the PDS deal was to protect ECG assets worth $3 billion — Ofori-Atta

Cancellation of the PDS deal was to protect ECG assets worth $3 billion — Ofori-Atta

The Minister of Finance Ken Ofori-Atta has explained that the cancellation the concession agreement with Power Distribution Services(PDS) was to protect the 3 billion dollar assets of the Electricity Company of Ghana(ECG).

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Ofori-Atta that there was no need for the government to pursue the matter since some partners in the deal breached agreements that were vital to the sustainability of the takeover.

Speaking on Citi TV’s current affairs show the Point of View, Ofori Atta explained that the government had a limited time to take a strategic decision to rescue the assets of ECG.

This, he said, pushed the government to go ahead with the abrogation of the PDS deal even after the U.S.A cautioned the government of Ghana against it.

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“We had a 3 billion dollars of a national asset in play. We’ve gone through the procurement but when a mistake is made or a partner is seen not to have the capacity to do it, you do what you must do,” he told host of the show, Benard Avle.

Ofori-Atta argued that Ghana is currently in a position to manage its power sector prudently to avoid any form of crisis.

Recounting how Ghana’s first president, Dr. Kwame Nkrumah took bold decision to build the Akosombo Hydro Power Dam in the face of foreign opposition, Mr. Ofori-Atta argued that it is time to pursue visionary policies in tough times.

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In other news, the second deputy speaker of Parliament, Alban Bagbin, has underscored the need for a law to ensure complete transparency in funding political activities.

According to him, all political office holders, from the president to assemblymen, have the civic responsibility to disclose the source of their campaign funds and how they spend them.

Speaking on JoyNews’ PM Express programme, Bagbin said the cost of running political parties and the cost of doing politics needs to be reduced.

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Source: Yen Newspaper

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