There have been some speculations on the composition and credibility of the Ghanaian local consortium holding 51 per cent of the shares in the Power Distribution Services (PDS) Ghana Limited with some suggesting that a group of barbers at Osu in Accra are the ones behind it.
The government on Tuesday announced that it has through the Ministry of Finance and the Electricity Company of Ghana (ECG) Limited suspended the concession agreement with PDS with immediate effect.
The government explained that the decision followed the “detection of fundamental and material breaches of PDS’ obligation in the provision of Payment Securities (Demand Guarantees) for the transaction which has been discovered upon further due diligence.”
There have been some suggestions that the government did not do due diligence on the shareholders and the demand guarantees they presented.
Graphic Online, therefore, set out to find out the names behind PDS and how they got the concession agreement.
The government on Tuesday announced that it has through the Ministry of Finance and the Electricity Company of Ghana (ECG) Limited suspended the concession agreement with PDS with immediate effect.
The government explained that the decision followed the “detection of fundamental and material breaches of PDS’ obligation in the provision of Payment Securities (Demand Guarantees) for the transaction which has been discovered upon further due diligence.”
There have been some suggestions that the government did not do due diligence on the shareholders and the demand guarantees they presented.
Graphic Online, therefore, set out to find out the names behind PDS and how they got the concession agreement.