Ken Ofori-Atta Finance Minister <\/figcaption><\/figure>\n<\/div>\nFinance Minister, Ken Ofori-Atta, has revealed the real reason behind the cancellation of the concession agreement between Power Distribution Services (PDS) and the government.<\/p>\n
According to the Minister, the nature of the contract was going to cause the country to lose 12 billions dollars by 2023, hence the need to sit back and renegotiate the deal.<\/p>\n
\u201cIf you look at the time frame and the nature of the contract we were to sign, we were to make payment of about a billion dollars every year and would have paid about 12 billion dollars by 2023. This is why we had to sit back and take\u00a0a proper look at the returns.<\/p>\n
\u201cSo the negotiations and discussions have already started, I initiated the steering committee on Monday to continue the negotiations. We are still negotiating and have paid \u00a0part of the money.\u00a0 When contracts are unbalanced you have to balance them,\u201d he told Accra based Peace FM, monitored by\u00a0Adomonline.com<\/strong>.<\/p>\nHe confirmed the contract between PDS and the government
\nwas cancelled due to some misapprehensions between the insurance company of
\nPDS.<\/p>\n
According to the Minister, the insurance company denied signing a demand guarantee and said it might have been a rogue employee who signed the document.<\/p>\n
\u201cPDS contract is cancelled. When we turned over our electricity distribution system to PDS on March 1, 2019 they had a demand guarantee of 350 million dollars to ensure that should there be any issue the country will have recourse to it. Unfortunately, the insurance company that got the demand guarantee said they will not handle that kind of instrument and flatly denied they had anything to do with the guarantee.<\/p>\n
\u201cif you put your Electricity Distribution System into someone\u2019s hands worth about $3 billion with about 20 -25 years of concession and you realise within the first four months they don\u2019t have enough money and their guarantees are not trustworthy what is the responsible thing to do?\u201d he quizzed.<\/p>\n
\u00a0source: Adomonline.com | Nana Aba Mensah<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Ken Ofori-Atta Finance Minister Finance Minister, Ken Ofori-Atta, has revealed the real reason behind the cancellation of the concession agreement between Power Distribution Services (PDS) and the government. According to the Minister, the nature of the contract was going to cause the country to lose 12 billions dollars by 2023, hence the need to sit […]<\/p>\n","protected":false},"author":1,"featured_media":736720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-736719","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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![\"Ken](\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/07\/the-therapy-that-worked-for-ken-ofori-atta-in-parliament.jpg\" "\\"Ken")