Despite the release in August, the SDP remained suspended and the government has now decided to denounce the agreement, sources say. On Tuesday(July 30th), the Government of Ghana announced that it had suspended the concession agreement with PDS. The statement, which was issued and signed by the Director General of PDS, Rev. William Hutton-Mensah, indicated that the company would be properly complied with the terms of the interim agreements between the PDA and the ECG, on the one hand, and the Government of Ghana (GoG), on the other. In a letter dated February 21, 2019, Cal Bank wrote to the Millennium Development Authority notifying them of receipt of $8 million in fees and issuance fees for $350 million in application guarantees. In May, the last $4.25 million was paid by the PDS account at Cal Bank. However, the government suspended the PDS concession contract on suspicion of falsification of guarantees. The concession agreement with Power Distribution Services was terminated on the instruction of President Nana Akufo-Addo, leading sources myjoyonline.com said. Information Minister Kojo Oppong Nkrumah said the SDP had not met certain essential and fundamental conditions to make the agreement valid. On July 24, 2018, Parliament approved the concession agreement between the government and the consortium led by Manila Electric Company (Meralco). Mr.
Boakye Agyarko stated that the successful consortium`s ownership structure was structured as follows: Manila Electric (Meralco) in the Philippines, 30%; Aenergia SA (Angola), 19 per cent; Santa Baron Ventures Ghana, 13 per cent; TG Energy Solution Ghana, 18 per cent; GTS Engineering Ghana Limited, 10 per cent, and TBK Ghana Limited, 10 per cent. These companies formed a consortium called Power Distribution Service (PDS). PDS was suspended after the government said it suspected the deal was tainted by fraud. The government on Tuesday suspended with immediate effect the concession contract between the electricity distribution service (PDS) and the Electricity Company of Ghana (ECG) and the Government of Ghana (GoG), through the Ministry of Finance, on the other hand. The Ghanaian government announced on Wednesday the suspension of a concession contract it signed with Power Distribution Services (PDS) Ghana Limited to manage the assets of the Electricity Company of Ghana (ECG) for 20 years. The government said it was conducting a full investigation and that the outcome of the investigation would determine the next procedure after suspending its agreement with the SDP. The Government, through the Ministry of Finance and the Electricity Company of Ghana (ECG) Limited, suspended with immediate effect the concession contract with Power Distribution Services (PDS) Ghana Limited. The former Executive Director of the Volta River Authority (VRA), Dr. Charles Wereko-Brobby, noted in a response that $498.2 million that the government should access under the electricity sector transformation assistance agreement was not significant enough to play with a strategic national asset such as the ECG.
John Mahama`s government announced the decision to enter into a concession agreement under the Compact II agreement in which a private company would take over the management of the country`s largest electricity supplier, the Electricity Company of Ghana. However, the announcement was met with opposition, despite a strong clarification and explanation from the government that national strategic assets would be privatized.