PDS deal: 51% shares for AGI diverted to Enterprise Insurance – Jantua

Energy expert, Kwame Jantua has said the 51 percent PDS stake given to Association of Ghana Industries (AGI) to collate Ghanaian businesses to buy has been diverted.

According to Jantua, who’s a former Vice-Chairman of PIAC, the 51 percent shares which president Akufo-Addo ordered be given to AGI to mobilise local businesses to acquire was diverted to Enterprise insurance, a company owned by Finance Minister Ken Ofori Atta.

“I’m waiting to hear the 51 percent side of PDS. I’m waiting for somebody to come and tell me how did that 51 percent move from AGI, which the president Instructed should be taken to AGI for AGI to collate businesses to buy those shares, How did it move Enterprise?

“I’m waiting for that and let’s see how the president would act when that happens,” he told Francis Abban on the Morning Starr last Friday.

PDS took over ECG on March 1 after its major shareholder Meralco Consortium from the Philippines won the Millennium Challenge Power Compact Two from the U.S.A.

Under the Power Compact, six projects are being implemented to address the root causes of the unavailability and unreliability of power in Ghana.

The project includes ECG Financial and Operational Turnaround Project, NEDCo Financial and Operational Turnaround Project, Regulatory Strengthening and Capacity Building Project, and Access Project.

The rest are Power Generation Sector Improvement Project and Energy Efficiency, and Demand Side Management Project.