It’s Just A Letter Of Intent…Govt Has Not Cancelled PDS As Yet!

The Deputy Minister of Energy in charge of Power has suggested that the controversial PDS deal has not been cancelled.

A letter dated 18 October 2019 signed by Finance Minister Ken Ofori-Atta indicated that the deal has been terminated “in view of the facts uncovered regarding the failure by PDS to satisfy conditions precedent under the relevant transaction documents AND, however, that every effort would be employed to ensure a suitable replacement within the relevant timelines in order to complete the Compact”

According to the statement, “following consultations with Government, we wish to emphasize that Government remains strongly committed to the Compact and to private sector participation in the Electricity Company of Ghana.

“We also wish to reiterate the position communicated to the CEO of the MCC by the President of Ghana during their meeting on the sidelines of the United Nations General Assembly in New York on September 23rd to the effect that, the current concession had to be terminated in view of the facts uncovered regarding the failure by PDS to satisfy conditions precedent under the relevant transaction documents AND, however, that every effort would be employed to ensure a suitable replacement within the relevant timelines in order to complete the Compact.

However, in an interview on Peace FM morning show ‘Kokrokoo’ the deputy Minister who doubles as the Member of Parliament for Afigya Kwabre South constituency said: “it’s a letter of intent…you can’t just get up and cancel you need to consult all the stakeholders”

Listen to the full interview in the video below