Government has suspended its concession agreement with the Power Distribution Services (PDS) bringing back the Electricity Company of Ghana (ECG) in full control.
According to Information Minister, Kojo Oppong Nkrumah, the decision was taken after government detected “fundamental and material breaches of PDS’s obligation in the provision of Payment Securities (Demand Guarantees) for the transaction which have been discovered upon further due diligence.”
Breaking the news on Joy News PM Express show Tuesday, he said the government is concerned with securing the assets being handed to PDS.
“We have through deep intelligence detected that they have issues with those guarantees that were provided...they were not valid as a step we have taken measure to secure the assets of the state by suspending the concession agreement,” he told host Evans Mensah.
The Ofoase Ayeribi MP also disclosed that the Energy Commission has moved to revoke PDS’ distribution license and allow ECG to go back to work while government undertakes a full-scale enquiry.
According to Information Minister, Kojo Oppong Nkrumah, the decision was taken after government detected “fundamental and material breaches of PDS’s obligation in the provision of Payment Securities (Demand Guarantees) for the transaction which have been discovered upon further due diligence.”
Breaking the news on Joy News PM Express show Tuesday, he said the government is concerned with securing the assets being handed to PDS.
“We have through deep intelligence detected that they have issues with those guarantees that were provided...they were not valid as a step we have taken measure to secure the assets of the state by suspending the concession agreement,” he told host Evans Mensah.
The Ofoase Ayeribi MP also disclosed that the Energy Commission has moved to revoke PDS’ distribution license and allow ECG to go back to work while government undertakes a full-scale enquiry.