{"id":696186,"date":"2019-08-31T11:43:13","date_gmt":"2019-08-31T11:43:13","guid":{"rendered":"<br><div>\n\t\t\n<p><strong>Kojo Oppong Nkrumah<\/strong><\/p>\n\n\n\n<p>The\ninquiry into circumstances leading to the alleged non-fulfillment of conditions\nprecedent to the full operationalisation of the concession agreement by the\nPower Distribution Services (PDS"},"modified":"2019-08-31T11:43:13","modified_gmt":"2019-08-31T11:43:13","slug":"pds-report-almost-ready","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/31\/pds-report-almost-ready\/","title":{"rendered":"PDS Report Almost Ready &#8211;"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Kojo Oppong Nkrumah<\/strong><\/p>\n<p>The<br \/>\ninquiry into circumstances leading to the alleged non-fulfillment of conditions<br \/>\nprecedent to the full operationalisation of the concession agreement by the<br \/>\nPower Distribution Services (PDS) Ghana Limited in the takeover of Electricity<br \/>\nCompany of Ghana (ECG) Limited is almost concluded.<\/p>\n<p>Yesterday<br \/>\nended the 30-day time frame within which the investigative team was expected to<br \/>\nconclude and present a report. According to Information Minister Kojo Oppong Nkrumah,<br \/>\nthe report would be made public very soon.<\/p>\n<p>He<br \/>\ntold <em>Citi FM<\/em> in Accra yesterday that a<br \/>\nfinal determination would be made to President Akufo-Addo when he returns from his<br \/>\ntrip to Japan.<\/p>\n<p>\u201cThe<br \/>\nteams from Qatar and the United States of America are back and are completing<br \/>\ntheir report. There is also some ongoing work with MiDA here in Ghana. So that<br \/>\nwill also be factored into the report and when the President returns from his<br \/>\ntrip, the final determination will be made and announced. But my understanding<br \/>\nis that we are wrapping this up and when the final determination is made, a public<br \/>\nannouncement will be made,\u201d the minister said.<\/p>\n<p>\u201cThe<br \/>\nenquiry is supposed to be done within a 30-day period. The brief and<br \/>\nunderstanding I have is that the enquiry has come to an end and the teams have<br \/>\nbrought their feedback from both Qatar and America and have also consulted with<br \/>\nthe team doing the local end of the work with MiDA and when the President comes<br \/>\nall of that will be put together,\u201d he added.<\/p>\n<p><strong>Initial Announcement<\/strong><\/p>\n<p>On<br \/>\nTuesday, 30th July 2019, through the Ministry of Finance and the ECG, the<br \/>\ngovernment announced the suspension of the concession agreement with the PDS<br \/>\nand said it was initiating an enquiry into the circumstances leading to the<br \/>\nnon-fulfillment of conditions precedent to the full operationalisation of the<br \/>\nagreement by the PDS.<\/p>\n<p><strong>PDS Fight Back<\/strong><\/p>\n<p>The<br \/>\nembattled power supply company has already dismissed any foul play in its<br \/>\ncontract to distribute power and its Board Chairman, Philip Ayesu, recently told<br \/>\n<strong><em>DAILY<br \/>\nGUIDE<\/em><\/strong> that the outcome of the investigations commissioned by the<br \/>\ngovernment would clear them of any wrongdoing.<\/p>\n<p>Mr.<br \/>\nAyesu was unfazed about the hullaballoo that had greeted the transaction,<br \/>\nsaying the PDS had been following the terms of the contract signed to operate<br \/>\nECG facilities.<\/p>\n<p>He<br \/>\nruled out claims that the PDS played a fast one on the government with the<br \/>\nalleged breaches in the demand guarantee (insurance cover).<\/p>\n<p><strong>ECG Privatization<\/strong><\/p>\n<p>In<br \/>\nAugust 2014, Ghana and United States of America \u2013 acting through the Millennium<br \/>\nChallenge Corporation (MCC) \u2013 entered into a Millennium Challenge Compact.<\/p>\n<p>The<br \/>\nCompact provides for a grant of up to US$498,200,000 to advance economic growth<br \/>\nand reduce poverty in Ghana, and commits Ghana and the MCC to a five-year<br \/>\neconomic development programme that will fund investments in the country\u2019s<br \/>\npower sector. \u00a0As part of the deal, the<br \/>\ngovernment agreed to put ECG in private hands to be supervised by the<br \/>\nMillennium Development Authority (MiDA).<\/p>\n<p>Per<br \/>\nthe Mahama-led initial agreement, the concessionaire was to hold 80% stake and<br \/>\nmanage ECG for 25 years, while the Ghanaian ownership was to hold the remaining<br \/>\n20% stake.<\/p>\n<p>However,<br \/>\nPresident Akufo-Addo, upon assumption of office and through the then Energy<br \/>\nMinister Boakye Agyarko, got the US government to review the terms where the<br \/>\nGhanaian ownership now stands at 51% share with the foreign investor taking the<br \/>\nremaining 49%.<\/p>\n<p>The<br \/>\nGhanaian local consortia holding the 51% of the shares in PDS include TG Energy<br \/>\nSolutions Limited (TG), with 18%; Santa Baron Ventures Limited (Santa), with<br \/>\n13%; as well as GTS Engineering Services Limited (GTS) and TBK Ghana Limited<br \/>\n(TBK), with 10% each.<\/p>\n<p>The remaining 49% are for Pilipino consortia (foreigners) including Manila Electric Company Limited (Meralco), with 30% shares and Aenergia, an Angolan company, with 19% shares.<\/p>\n<p><strong>By Melvin Tarlue<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Kojo Oppong Nkrumah The inquiry into circumstances leading to the alleged non-fulfillment of conditions precedent to the full operationalisation of the concession agreement by the Power Distribution Services (PDS) Ghana Limited in the takeover of Electricity Company of Ghana (ECG) Limited is almost concluded. Yesterday ended the 30-day time frame within which the investigative team [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":696187,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-696186","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PDS Report Almost Ready - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/08\/31\/pds-report-almost-ready\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"PDS Report Almost Ready - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Kojo Oppong Nkrumah The inquiry into circumstances leading to the alleged non-fulfillment of conditions precedent to the full operationalisation of the concession agreement by the Power Distribution Services (PDS) Ghana Limited in the takeover of Electricity Company of Ghana (ECG) Limited is almost concluded. 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