Business General

We acted in good faith – PDS

The management of Power Distribution Services (PDS) has stated that the company has always acted in good faith with the contract it signed with the Government of Ghana.

The government on Tuesday suspended the power deal it signed with PDS.

The decision was communicated via a press release by Information Minister Kojo Oppong Nkrumah.

The statement said the action to put the agreement on hold was necessitated by “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 government said a full probe has been initiated and steps have been taken to ensure that “distribution, billing and payment services continue uninterrupted”.

The public has been assured that the development “will not interfere with the distribution of electricity services to customers”.

But in counter-statement signed by its Chief Executive Officer, the company said: “PDS has taken note of the statement issued by the government through the Ministry of Information (MoI) on behalf of the Minister of Finance (MoF) acting for and on behalf of Government of Ghana (GoG) and the Electricity Company of Ghana (ECG).

“PDS wishes to state for the records that it has always acted and will continue to act in good faith at all times.

“PDS will go through due process by complying with the terms of the Transaction Agreements executed between it and ECG on the one hand and the GoG through the MoF on the other hand.

“PDS wishes to assure the Ghanaian public that it will not rush to put out any information until it has been sufficiently substantiated in the interest of safeguarding the transaction and the image of Ghana.”

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