The Akufo-Addo government led this country into a complex and hazardous Power Distribution Services (PDS) deal that cost us millions of dollars meanwhile the culprits are walking free like nothing actually is wrong.
As Bolgatanga MP, Albert Adongo, famously reiterated, the PDS deal was hurriedly put tigther by the Akufo-Addo governt to defraud the country.
Indeed, the Akyem Mafia has confirmed scripture in the Bible. John 10:10 states, “the thief cometh not, but for to steal, and to kill, and to destroy.” This was the motive of a sect of fraudsters, buccaneers, high way robbers who found themselves in government.
If Ghana is a country in which law works, some people shouldn’t be walking free in this country. They should have been locked up in jail and the keys thrown into the Nkrumah Circle part of the choked Odaw river.
It seems the law only affects the poor in society and the rich always walk free. This position must be curbed as soon as possible.
In the first place, the decision by Veep Dr. Bawumia, Finance Minister Ken Ofori Atta and the Millennium Development Authority (MIDA) to change the precondition of a Bank Guarantee into an Insurance Guarantee at a meeting at the Jubilee House seat of government on 19th February, 2019, as captured on page 8 of the FTI report, was suspicious.
Secondly, government’s failure to conduct the necessary due diligence on the supposed Insurance Guarantee which was provided by PDS before handing over the GHS 22 Billion assets of ECG to them raised eye brows.
We know the shady nature of the deal from Ken Ofori Atta’s Termination Letter of the PDS contract that even though ECG did not receive the requested confirmation and proof of due authorization by Al Koot by the transfer date, ECG was compelled to confirm acceptance of the Demand Guarantee, despite the advice by Hunton and Williams LLP, Transaction Advisors to the deal, “out of a desire to ensure the occurrence of the Transfer by March 1st, 2019.
Thirdly and worse of all was when on the blind side of Parliament, the Akufo-Addo government illegally allowed the original partners of the Meralco-led Consortium (PDS) to form and transfer their respective shares to SPVs with the intent of isolating themselves from any potential risk and liability.
Under the circumstances, the people of Ghana must hold none other than President Akufo-Addo and his corrupt government responsible for this PDS embarrassment and financial losses it may have occasioned.
The Finance Minister in a letter dated October 18, 2019, to the Millennium Challenge Corporation (MCC) announced the termination of the agreement which came into effect on March 1, 2019 and saw PDS take over the assets and operations of ECG.
However, in a letter addressed to Finance Minister Ken Ofori Atta dated October 18, 2019, the Millennium Challenge Corporation acting on behalf of the Government of the United States of America asked the Ghana Government to “reinstate the concession rights of Power Distribution Services Limited (PDS) as contemplated under the agreements governing the ECG-Private Sector Participation (PSP)”
In effect, the MCC wanted Ghana to restore the lease and assignment agreement, bulk supply agreement and government support agreement which form the PDS-ECG PSP transaction agreement.
This family and friends cabal in government had a plan to rob Ghana as MP Adongo rightly stated, and I agree to.
The names behind the 51% Ghanaian Partners of PDS (formerly Electricity Company of Ghana) which has been given a 20 year concession from this month to MANAGE and invest over $500m into ECG are:
TG ENERGY SOLUTIONS GHANA LIMITED which has 28% of the shares with Directors as Joseph Adjei-Banin, Andrew Mercer (MP, Sekondi), Philip Ayesu, Sophia Kokor, and David Ofori-Asare, with thier stated capital of Ghc1,550.000.00
Secondly was SANTA POWER LIMITED (Santa Baron Limited Owners) with 13% shares. The Directors are Kwabena Aidoo, Aidoo Twum with a stated capital of Ghc100,000.00
Thirdly was GTS POWER LIMITED which had 10% shares, with Directors Theodore Essandoh and Fred Asamany with a stated capital of Ghc100,000.00
There were some foreign partners called MERALCO ( MANILA ELECTRIC COMPANY-MER, through MERIDIAN POWER VENTURES LIMITED) which had 30% shares. Is a Manila Stock Listed Company with about 6m customers and over $1b turnover.
AENERGIA SA of Angola has 19% shares
Mensah Thompson of ASEPA wrote in a statement “NAMING AND SHAMING THE PEOPLE BEHIND THE STINKING PDS DEAL”
He stated that Ghanaians should kindly consider these four clauses in the ECG-PDS concessionaire agreement and tell us if ECG was the private company of the people and the Government would have undersigned such ridiculous conditions?
ASEPA mentioned that, PDS could decide to defer the issuance of a Guarantee for 2 years or more based on a provision? Why?
Secondly he asked if PDS can operate without paying a dime once the parties have connived to agree at a comfortable date such that they could have made enough profit?
Thirdly, the profit or revenue collected can be used to treat their obligation of $100 million per year. How possible?
Finally, when there is standoff that calls for the termination of the deal, PDS can walk off free without paying liability of any kind. Unbelievable!!!
ASEPA stated that these four clauses in the agreement, clearly expose the capacity, competence and character of the people who signed this stinking Agreement!
Now here are the people who with all the knowledge they have acquired read this agreement and still put pen to paper to sign it on behalf of all of us.
Those who signed on behalf of ECG were Ing. Samuel Boakye Appiah (Managing Director, ECG) and Keli Gadjekpo,
Board Chairman of ECG.
Those who signed on behalf of PDS were Philip Kwame Ayesu, Chairman of PDS, K.Boateng-Aidoo, Director of PDS, Justice Kusi-Minkah Premo, Legal Advisor of PDS
Those who signed on behalf of Government were Ken Ofori Attah, Minister for Finance, Boakye K Agyarko
Minister for Energy ( later sacked by the President of Ghana).
Obviously, this was a family and friends planned scam that could have sent the country into an abyss. Only a handful would have been wealthy.
Indeed, the scammers have proven scripture in the Bible. John 10:10; “Tmthe thief comes only to steal and kill and destroy”
God help Ghana
I remain the echoing voice of a village scribe and the son of a gong-gong beater.
By TT Caternor, La Dadekotopon | The views expressed by the writer are solely his and do not represent the position of Adwoa Adubia News