{"id":995,"date":"2019-08-11T15:01:56","date_gmt":"2019-08-11T15:01:56","guid":{"rendered":"https:\/\/www.africa-press.com\/ghana\/?p=995"},"modified":"2019-08-11T15:01:56","modified_gmt":"2019-08-11T15:01:56","slug":"president-akufo-addo-explains-why-pds-deal-was-put-on-ice","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/president-akufo-addo-explains-why-pds-deal-was-put-on-ice","title":{"rendered":"President Akufo-Addo explains why PDS deal was put on ice\u00a0"},"content":{"rendered":"

President Nana Akufo-Addo has explained why his government suspended the Electricity Company of Ghana (ECG) concession agreement with the Power Distribution Services (PDS).<\/strong><\/p>\n

President Akufo-Addo explains why PDS deal was put on ice<\/p>\n

The government last month announced the suspension of the concession agreement after some “fundamental and material breaches” were detected on the part of PDS.<\/p>\n

\u201cThe Demand Guarantees were key prerequisites for the lease of assets on 1st\u00a0March, 2019 to secure the assets that were transferred to the concessionaire,\u201d\u00a0the government said at the time in a press statement issued by the Information Minister, Kojo Oppong Nkrumah.<\/p>\n

The government has come under pressure over the suspension of the deal, with the opposition National Democratic Congress (NDC) calling for heads to roll, when government concludes its 30-day enquiry into matter.<\/p>\n

In far away Angola, president Akufo-Addo has explained to the Ghanaian community why the deal was suspended and how the government is handling the situation.<\/p>\n

He said the agreement was suspended in the interest of the public, and to protect the assets of ECG worth over $3 billion.<\/p>\n

He explained that a\u00a0fundamental part of the agreement required that\u00a0PDS\u00a0put up a guarantee to cover some\u00a0$400 million.<\/p>\n

\u201cIt turned out that there are problems with this guarantee. Therefore, the protection that we should have in the transaction was not really there. The matter came to our notice,\u00a0and we decided that the first thing to do was to protect the public assets by suspending the agreement with this private sector operator and returning the assets to the control of the ECG whilst a process of investigation was being carried out,\u201d he added.<\/p>\n

President Akufo-Addo told the gathering that he\u00a0sent a delegation to Qatar\u00a0on Tuesday, 6th August, 2019,\u00a0the origin of the guarantee, to find out exactly what the situation\u00a0was.<\/p>\n

\u201cThey\u00a0(Ghanaian delegation)\u00a0met them\u00a0(Al Koot Insurance and Reinsurance). They are on their way back. By the time I get back to Accra tomorrow\u00a0(Friday), we will know exactly where we are,\u201d he said.<\/p>\n

The decision to suspend the agreement, the president said,\u00a0was necessary for\u00a0\u201cto protect the public interest,\u00a0and\u00a0to protect the ECG assets in excess of 3 billion cedis. These are not assets that you can take lightly. They were taken to protect the public interest and to make sure that the delinquency, if that is what it turns out to be, was nipped in the bud as soon as possible,\u201d the president added.<\/p>\n

He assured that the suspension of the agreement with PDS \u201cwill not disturb the flow of electricity in the country. Things will continue on a stable basis.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

President Nana Akufo-Addo has explained why his government suspended the Electricity Company of Ghana (ECG) concession agreement with the Power Distribution Services (PDS). President Akufo-Addo explains why PDS deal was put on ice The government last month announced the suspension of the concession agreement after some “fundamental and material breaches” were detected on the part […]<\/p>\n","protected":false},"author":66,"featured_media":996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,12],"tags":[42,565,566],"class_list":["post-995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-policy","tag-akufo-addo","tag-ghana-president","tag-put-on-ice"],"yoast_head":"\nPresident Akufo-Addo explains why PDS deal was put on ice\u00a0 - Ghana<\/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.africa-press.net\/ghana\/all-news\/president-akufo-addo-explains-why-pds-deal-was-put-on-ice\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"President Akufo-Addo explains why PDS deal was put on ice\u00a0\" \/>\n<meta property=\"og:description\" content=\"President Nana Akufo-Addo has explained why his government suspended the Electricity Company of Ghana (ECG) concession agreement with the Power Distribution Services (PDS). 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