PDS

Power Distribution Services (PDS) Ghana Limited, has responded to Government’s suspension of its concession agreement, saying it has always acted in good faith.

According to a statement issued by the Information Minister, Kojo Oppong Nkrumah, on July 30, 2019, the suspension 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.

But PDS in response to the suspension, said “PDS wishes to state for the record that it has always acted and will continue to act in good faith at all times.”

It stated that “PDS will go through due process by complying with the terms of the Transaction Agreements executed between it and ECG on one hand and GoG (Government of Ghana) through MoF (Ministry of Finance) on the other hand.”