Some documents meant for the seat of Government sighted by
kasapafmonline.com has revealed that the President, Nana Addo Dankwa
Akufo-Addo, should waste no time in abrogating the Power Distribution
Services (PDS)/Electricity Company of Ghana (ECG) concession agreement
since there is no deal.
Kasapafmonline.com can authoritatively state that, the MiDA Sub
Committee Report has affirmed that the Demand Guarantee issued by PDS
for the concession transaction was invalid, meaning that there was no
transfer in the first place going by the spirit and letter of the Lease
and Assignment Agreement.
The documents have revealed that the Forensic Auditors appointed by MiDA
to undertake detailed investigations into the authenticity of the
documents submitted by PDS could not present the findings to the
appointing authority.
The auditors, this portal understands, left the country without notice
and their prepared report which was expected to have been submitted to
the appointing authority is said to be below standard.
Inside sources say there are some facing attempts by the Americans led
by the IFC to try to massage the situation and to coerce Ghana to
overlook the fundamental breach and gross violation of the Lease and
Assignment Agreement, and to let PDS continue its operations and later
bring an action against Al Koot.
PDS per the Lease and Assignment Agreement, is supposed to manage the
operations of ECG for 20 years starting from Friday, March 1, 2019.
However, the Government of Ghana in a statement on Tuesday, July 30,
2019, suspended the PDS/ECG agreement following some contractual
breaches.
A commercial insurer and reinsurer, Al Koot, which is based in Qatar
wrote a letter to ECG dated July 16, 2019, claiming among other things,
that the officer who executed the Guarantees from Al Koot was not
authorized to do so and that the guarantees are null and void.
The letter also accused the officer of committing fraud. This major
development came to light after ECG subjected the Demand Guarantees to
series of due diligence tests.
Despite this development, ECG on August 8, 2019, handed back its
operations to PDS to manage. In a joint statement issued by ECG and PDS,
the former said “this is to ensure that there is no disruption of power
supply and service delivery to our cherished customers”.
However, some persons familiar with the PDS/ECG agreement say PDS has
since taken over the operations of ECG, not lived up to expectations.
They alleged that, all the performance statistics put out by PDS are
false. They told this portal that ever since PDS took over the
operations of ECG, they have sold about GH¢2.6billion worth of
electricity but have only managed to collect a little over GH¢300million
leaving a debt of over GH¢2billion.
Our sources further revealed that PDS has managed to procure the support
of some influential people in the New Patriotic Party (NPP) to bring
pressure to bear on the President to allow them to continue their
operations.
