The Millennium Development Authority (MiDA), has welcomed investigations into the Power Distribution Services concession fiasco.<\/p>\n
Describing the issue as an \u201cunfortunate setback\u201d MiDA in a statement explained that, \u201ceach step of the ECG"},"modified":"2019-08-08T19:01:25","modified_gmt":"2019-08-08T19:01:25","slug":"pds-concession-fiasco-an-unfortunate-setback-mida","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/08\/pds-concession-fiasco-an-unfortunate-setback-mida\/","title":{"rendered":"PDS concession fiasco an unfortunate setback \u2013 MiDA"},"content":{"rendered":"
<\/p>\n
The Millennium Development Authority (MiDA), has welcomed investigations into the Power Distribution Services concession fiasco.<\/p>\n
Describing the issue as an \u201cunfortunate setback\u201d MiDA in a statement explained that, \u201ceach step of the ECG PSP transaction process, prior to the handover of ECG\u2019s distribution business and assets to PDS, was subjected to careful scrutiny and various stakeholder approvals.\u201d<\/p>\n
\u201cThese involved several documents submitted as requirements for the transaction process. In line with best practice in International Business Transactions, all documents submitted as part of the transaction were accepted on the basis of good faith and the presumption in law as to their validity,\u201d the statement added.<\/p>\n
MiDA also urged the public \u201cto be circumspect in drawing conclusions not supported by facts and evidence while investigations are ongoing.\u201d<\/p>\n
There have been reports of a forged document being involved in the deal and the Government has begun a probe into possible lapses in fulfilling some aspects of the deal.<\/p>\n
The government said there was the discovery \u201cof fundamental and material breaches of PDS\u2019 obligation in the provision of Payment Securities.\u201d<\/p>\n
The Electricity Company of Ghana (ECG) has since assumed the responsibility of running power distribution in Ghana\u2019s southern zone temporarily.<\/p>\n
ECG is also overseeing the movement of funds to and from all accounts operated by PDS.<\/p>\n
This is after the Financial Intelligence Centre in Ghana wrote to all Rural Banks and Savings and Loans companies to immediately freeze all accounts belonging to PDS.<\/p>\n
PDS took over from the ECG in February 2019<\/strong> after winning a bid to run the power distribution in Ghana as part of the Millennium Challenge Account (MCA) compact.<\/p>\n