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11.09.2019 NDC News

PDS Fiasco: NDC Demands Gov't Official Position On FTI Report

PDS Fiasco: NDC Demands Gov't Official Position On FTI Report
SEP 11, 2019 NDC NEWS

The National Democratic Congress (NDC) says it will not relent till a government publicly state its official position on the FTI report regarding the suspended PDS concessionary deal.

Government in July this year suspended the ECG Concession Agreement with Power Distribution Services (PDS) Ghana over what Government described as, “material and fundamental breaches” relative to the Demand Guarantee provided by PDS to ECG.

According to the General Secretary of the party, Johnson Asiedu-Nketia, said, “What did the energy minister know that the Akufo-Addo government has hidden and does not want Ghanaians to know?”

"The NDC believes that per these chilling revelations contained in the FTI report, it can confirm that Ghanaians have been shortchanged by the Akufo-Addo government."

Addressing the media in Accra, Asiedu Nketia noted that the NDC shall remain vigilant and resolute in its quest to ensuring that the assets of the Electricity Company of Ghana (ECG) are protected. “We will ensure the continuous looting of state resources by the Akufo-Addo government is finally brought to a halt.”

He added that ever since this scandalous issue went viral, several government spokespersons have used various mediums sort to throw dust into the eyes of the public as if Ghanaians cannot read.

The Scandal

"Under Conditions precedent (CP) 24 and 31, PDS was required to provide ECG a payment security in the form of a Letter of Credit or Demand Guarantee with a value of US$350 million from a Bank. The purpose of this payment security was to safeguard the assets of ECG such that in case of default by PDS, Ghana through ECG could fall on same as a guarantee to recover our losses. This precondition of a demand guarantee was therefore critical to the protection of the assets of ECG and the interest of Ghana in general under the ECG-PDS Concession Agreement

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