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– Ghana's government has suspended its concession contract with Power Distribution Services (PDS) after conducting due diligence
– The government explained in a statement that the PDS concession agreement had been suspended after discovering breaches of the company's obligation to provide payment guarantees.
– In response to the Government, the PDS indicated that it would not be eager to provide information until it had been sufficiently substantiated, in the interest of the safeguarding the transaction and the image of Ghana.
The Power Distribution Services (PDS) Ghana is no longer the company in charge of the distribution of electricity in the country.
On Tuesday, July 30, the government of Ghana announced that it was suspending the concession agreement with PDS.
A document signed by the Minister of Information, Oppong Nkrumah, indicated that PDS had breached certain fundamental and material obligations of the contract.
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The government reiterates that it detected a violation of the PDS obligation to provide payment guarantees for the transaction.
In addition, the Government states that its information revealed that the guarantees provided were not valid.
In addition, the government's decision to terminate the PDS contract was aimed at securing the badets of the Ghana Electricity Company (ECG).
These badets were donated to PDS under the concession.
So far, the PDS was responsible for the country's electricity distribution, having taken over the ECG.
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The government said it was conducting a full investigation and that the outcome of the investigation would determine the next action to be taken after the suspension of its agreement with the PDS.
Meanwhile, ECG has resumed its PDS activities as an electricity distribution company in the country, while investigations are continuing.
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Source: Yen News
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