{"id":729244,"date":"2019-10-23T06:08:31","date_gmt":"2019-10-23T06:08:31","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/10\/23\/statement-us-embassy-on-termination-pds-agreement-by-govt-of-ghana\/"},"modified":"2019-10-23T06:08:31","modified_gmt":"2019-10-23T06:08:31","slug":"statement-us-embassy-on-termination-pds-agreement-by-govt-of-ghana","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/10\/23\/statement-us-embassy-on-termination-pds-agreement-by-govt-of-ghana\/","title":{"rendered":"Statement: US Embassy on termination PDS agreement by Govt of Ghana"},"content":{"rendered":"<p><\/p>\n<div data-io-article-url=\"https:\/\/www.adomonline.com\/statement-us-embassy-on-termination-pds-agreement-by-govt-of-ghana\/\">\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"436\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/10\/1556626873_president-akufo-addo-in-sad-mood-696x436-696x436.jpg\"   alt=\"\" title=\"1556626873_president-akufo-addo-in-sad-mood-696x436.jpg\"\/><figcaption class=\"wp-caption-text\">President Nana Akufo-Addo<\/figcaption><\/figure>\n<\/div>\n<p><strong>Statement from the Embassy of the United States of America Regarding  the Termination of the Private Sector Concession by the Government of  Ghana under the Millennium Challenge Corporation Power Investment<\/strong><\/p>\n<p>On October 19, 2019, the Government of Ghana (GoG) informed the Millennium Challenge Corporation (MCC) in Washington, D.C. of its  decision to terminate the concession agreement between Electricity  Company of Ghana (ECG) and private operator Power Distribution Services  Ghana Ltd (PDS).<\/p>\n<p>The United States of America notes this decision with regret. Based  upon the conclusions of the independent forensic investigation, the U.S.  position is that the transfer of operations, maintenance, and  management of the Southern Distribution Network to the private  concessionaire on March 1, 2019, was valid, and therefore the  termination is unwarranted. As such, MCC has confirmed that the $190  million funds granted to Ghana at the March 1 transfer to the 20-year  concession from ECG to PDS are no longer available.<\/p>\n<p>The United States underscores the importance of contract sanctity as  essential to a conducive investment climate and a pre-condition for  inclusive economic growth. In this spirit, the United States has worked  with the Government of Ghana since the latter\u2019s July 30 suspension of  the concession in the hopes of finding a mutually acceptable solution  that respected contract sanctity and the Government of Ghana\u2019s interest  in restructuring the concession.<\/p>\n<p>Moving forward, the U.S. Government, through MCC, will continue to  implement the Tranche I funds of $308 million with the Millennium  Development Authority (MiDA). This funding will continue to support  important improvements to the infrastructure of Ghana\u2019s southern  distribution network, increase reliability and power access to key  markets, and advance energy efficiency programs directly benefiting the  people of Ghana.<\/p>\n<p>The U.S. Government is a committed partner and has full confidence in  MiDA to lead the joint effort to deliver the projects funded through the  $308 million remaining under the MCC Ghana Power Compact.  The U.S.  Government looks forward to continuing to work together with MiDA and  the Government of Ghana to implement the remainder of the Power Compact.<\/p>\n<p><strong>Background:<\/strong><\/p>\n<p>On March 1, 2019, Ghana Power Distribution Services, Ltd. (PDS) assumed  operation and management of the staff and assets of the Electricity  Company of Ghana (ECG) under a 20-year concession agreement. Private  sector participation is a central reform under MCC\u2019s Ghana Power  Compact. This is critical to the long-term sustainability of related  infrastructure investments and the financial recovery of the energy  sector in Ghana.<\/p>\n<p>The Compact comprised two tranches of funding: $308 million available  upon the official start of the current Compact, and a second tranche of  $190 million, which was available upon a successfully executed  concession agreement, which the United States maintains occurred on  March 1, 2019. <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Nana Akufo-Addo Statement from the Embassy of the United States of America Regarding the Termination of the Private Sector Concession by the Government of Ghana under the Millennium Challenge Corporation Power Investment On October 19, 2019, the Government of Ghana (GoG) informed the Millennium Challenge Corporation (MCC) in Washington, D.C. of its decision to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":729245,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-729244","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - 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