The Government of Ghana has suspended the concession agreement with Power Distribution Services (PDS) Ghana Limited with immediate effect.
According to a statement issued by the Information Minister, the decision followed the detection of fundamental and material breaches of PDS’ obligation in the provision of the Payment Securities (Demand Guarantees) for the transaction which have been discovered upon further due diligence.
“The Demand Guarantees were key prerequisites for the lease of assets on 1st March, 2019 to secure the assets that were transferred to the concessionaire,” the statement said.
It said Government was conducting a full enquiry into the matter and that the outcome would inform the next course of action.
BY Melvin Tarlue