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01.11.2019 Article

Botched PDS Deal: The Cat Is Out Of The Sack

By Dr E.K.Hayford
Dr E.K.HayfordDr E.K.Hayford

The Caucus for Democratic Governance, Ghana (CDG--GH), has observed with shock, the flaws, corruption and manipulations leading to the termination of the PDS agreement which is crippling the energy sector in Nana Addo`s Government.

A careful review of the letter of termination of the PDS concession agreement by Ken Ofori Atta leads to the following revelations:

Government of Ghana (GoG) was forced to terminate the PDS agreement by midnight October 18.2019. This is because failure to terminate the agreement by midnight October 18, 2019 would have resulted in the issuance of a de-obligation letter by the MCC team which would effectively end the Compact

To obliterate the truth, the Ministry of Information tells the Ghanaian public that GoG terminated the PDS concession agreement to safeguard and protect the strategic assets of Ghana. It was also to project the Nana Addo/ NPP as a listening Government. This was to win cheap popularity and misinform the public.

With the above strategy, Kojo Oppong Nkrumah was to hide the truth from Ghanaians that the deal went bad and they lost it all because of inordinate greed.

The obvious omission of a statement on the contribution of funds by shareholders of PDS, amounts to a tacit admission of the critique from opposition, that the owner of PDS (who were cash trapped) did not invest a pesewa in the concession, even though they were required to invest $500 million. Worse still, they increased the electricity bills to their advantage.

NDC`s position has been vindicated, that the PDS deal was a fraudulent scam, concocted to enrich Nana Addo, his friends and family.

The NDC must vociferously and forcefully reject the recommendation by Ken Ofori-Atta of a restricted tendering to replace PDS with another entity.

The restricted tendering could allow GoG to complete transaction and replace PDS with another entity by December 31, 2019 to meet the requirements of the MCC. Nana Addo`s government however understands this as an avenue to commit additional fraud and corruption to enrich himself, his friends, family and cronies.

For the NDC, the right way is to increase Ghanaian private participation, in the concession and compact. We therefore recommend the issuance of an IPO to list ECG on the Ghana Stock Exchange. Ghanaians must be given the opportunity to own a piece of the strategic assets, that they depend on for their personal and business use. They deserve it. We assure Ghanaians that the government of JM/NDC would offer the opportunity to Ghanaians to own a piece of ECG.

CDG-GH insists on the following :
A public inquiry into how $4.5 billion of Ghana`s strategic assets was handed over in a concession to companies who had no technical expertise and financial strength to do the job.

On a critical look into the registration; Board of Directors, and the technical expertise and financial strength of the following companies that constitute the PDS shareholdings. i) Meralco (Manila Power Company, Philippines) with 30% share, ii) Energia S A (Angola) with 18% share, iii) GTS Engineering Service of Ghana, Santa Baron Ventures of Ghana and TG Energy of Ghana together with 51% share.

On a public forum to inform the public of the genesis of the scam and how it all unraveled. Name to shame the leading players and put the consequences of such fraudulent activities on Nana Akufo Addo and his NPP government.

Soliciting views from civil society organizations, academia, the clergy, imams, traditional rulers, the youth, and well-meaning Ghanaians on ways to ensure, checks and balances are put in place to facilitate probity, accountability and transparency.

The message must be loud and clear that Ghanaians are sick and tired of the corrupt activities of Akufo Addo/NPP Government. We will not take anymore bitter pills administered by Nana Addo to short-chain Ghana. Enough is Enough.

On interrogation of the illegal use of $13+ million ECG cash flow to pay off Cal Bank loans of the local Directors of PDS. This is stealing; that is, using monies they have no right to use.

Meridian Power Venture Limited, was created and incorporated in June 2018 in Hong Kong as an SPV by Meralco, to offload Miralco`s 30% shareholdings in PDS. Was Meralco paid off by faceless and nameless Ghanaian cronies of Nana Akufo Addo? CDG-GH wants to know.

By: Dr E.K.Hayford
Chief Convener CDG-GH.
Contributed by Dr. Alhaji Haruna Rashid.
Source: The Punch Newspaper
Email : [email protected]

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