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Government suspends concession agreement with PDS

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The Government of Ghana through the Ministry of Finance and the Electricity Company of Ghana (ECG) Ltd. has suspended the concession agreement with Power Distribution Services (PDS) Ghana Limited with immediate effect. That’s according to Information Minister Kojo Oppong Nkrumah in a statement.

The statement which was copied to gbcghanaonline in Accra, July 30, 2019, said the decision to suspend the agreement follows the detection of fundamental and material breaches of PDS’ obligation in the provision of 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 1, 2019, to secure the assets that were transferred to the concessionaire. The statement said.

It further said government is conducting a full enquiry into the matter, and the outcome will inform the next course of action.

“Government has taken steps to ensure distribution, billing and payment services continue uninterrupted.” It stated.

Adding that the public and customers are assured that this development will not interfere with the distribution of electricity services to customers.

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