General News Thu, 5 Sep 2019
The Power Distribution Services (PDS) Ghana Limited has been exonerated following a 30-day investigation by government.The concession agreement between PDS and the Electricity Company of Ghana (ECG) was suspended on Tuesday, July 30 by government due to “fundamental and material breaches”.
According to government, PDS failed to provide demand guarantees for such an agreement.
A full-scale investigation was, therefore, launched into the deal with ECG returning to operations.
A delegation was dispatched to Qatar and the United States as part of investigations into the deal.
Already, calls were rife for the contract to be abrogated.
The Minority, for instance, petitioned the US Embassy in Accra to help in investigations while calling for an immediate termination of the deal, which was part of the Compact II of the Millennium Challenge Agreement (MCA).
On Thursday, September 5, the report on the 30-day probe into the deal was leaked.
PDS was, however, faulted for not having enough financial guarantees for the deal.
This has previously been rejected by Donewell Insurance Company Limited, which questioned Qatar-based Al Koot Insurance and Reinsurance Company over allegations that it did not authorise the official that underwrote the counter party and trade risk.
More to follow. . .
Source: 3 News