{"id":704287,"date":"2019-09-12T17:38:25","date_gmt":"2019-09-12T17:38:25","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/09\/12\/acep-disappointed-with-ecg-turnaround-project\/"},"modified":"2019-09-12T17:38:25","modified_gmt":"2019-09-12T17:38:25","slug":"acep-disappointed-with-ecg-turnaround-project","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/09\/12\/acep-disappointed-with-ecg-turnaround-project\/","title":{"rendered":"ACEP Disappointed With ECG Turnaround Project"},"content":{"rendered":"

<\/p>\n

\n

Ben Boakye, Executive Director, ACEP<\/strong><\/em><\/p>\n

THE
\nAFRICA Centre for Energy Policy (ACEP) has indicated that it is highly
\ndisappointed with the manner in which the private sector participation aspect
\nof the Electricity Company of Ghana (<\/em>ECG) Financial and Operational Turnaround Project
\nhas been carried out. <\/p>\n

According
\nto the energy think-tank, in its latest update on the Power
\nDistribution Services<\/em>\u2019 (PDS) concession challenges,
\nthe investigations that were carried out by MiDA and government affirmed that
\nsignificant flaws were occasioned in the procurement of PDS as the
\nconcessionaire. <\/p>\n

\u201cIt
\nis evident that PDS does not have the financial muscle to invest as required by
\nthe LAA and the BSA. From the FTI report, the investigative team could not
\nestablish the relevant facts needed for them to have established the validity
\nof the guarantees.\u201d <\/p>\n

ACEP
\nsaid it appears that the investigative team \u201clacked the needed authority to
\neven properly engage with Al Koot for them to have been cooperative. They made
\nefforts to prove that MiDA and the financial advisors did nothing wrong, but
\ndid not show evidence of the advice they gave on the financial capacity of the PDS.
\nRather, they emphasized delay in tariff announcement and portfolio PPA as main
\nreasons for PDS\u2019 inability to secure the demand guarantee.\u201d<\/p>\n

From
\nthe review of all the events, ACEP said it could conclude that Cal Bank,
\nDonewell and MiDA did not make any serious effort to verify the authenticity of
\nthe demand guarantee. \u201cThese parties cannot pretend not to know that for a
\nguarantee of $350 million, the engagement with the top hierarchy of Al Koot was
\nnecessary. This could have been achieved through video conferencing to
\nauthenticate the published faces on Al Koot\u2019s website. <\/p>\n

\u201cIt
\nis therefore surprising that FTI could not inquire through its investigation
\nwhy the parties did not see it fit to engage the top hierarchy of Al Koot.<\/p>\n

\u201cWhiles
\nACEP awaits conclusion on government\u2019s review of the circumstances, it will be
\nsurprising to see PDS given the nod to continue with the concession,\u201d it
\nmentioned.<\/p>\n

BY Samuel Boadi<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Ben Boakye, Executive Director, ACEP THE AFRICA Centre for Energy Policy (ACEP) has indicated that it is highly disappointed with the manner in which the private sector participation aspect of the Electricity Company of Ghana (ECG) Financial and Operational Turnaround Project has been carried out. According to the energy think-tank, in its latest update on […]<\/p>\n","protected":false},"author":1,"featured_media":704288,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-704287","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nACEP Disappointed With ECG Turnaround Project - 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\/09\/12\/acep-disappointed-with-ecg-turnaround-project\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"ACEP Disappointed With ECG Turnaround Project - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Ben Boakye, Executive Director, ACEP THE AFRICA Centre for Energy Policy (ACEP) has indicated that it is highly disappointed with the manner in which the private sector participation aspect of the Electricity Company of Ghana (ECG) Financial and Operational Turnaround Project has been carried out. 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