Transaction advisors in a concession agreement with the energy company, Power Distribution Services (PDS) have been accused of shifting blame after controversy gutted the agreement.
In the controversy, Power Distribution Services (PDS) have been found to lack the financial capacity to provide $12.5m in guarantees when they took over ECG management in March 2019.
PDS has been suspended. But the agreement to provide demand guarantees has been now downgraded to insurance guarantees.
Millennium Development Authority (MiDA) and International Finance Corporation (IFC) who are the transaction advisors commissioned an investigation into the PDS deal.
In its report, it mentions a meeting in the Office of Vice President Dr. Mahamudu Bawumia attended by top government officials including Finance and Energy ministers and the Chief of Staff.
It was at this meeting that the decision was taken to convert payment guarantees to insurance guarantees.
ACEP Executive Director Ben Boakye wants to know the position of the transaction advisors on that decision.
“They cannot sit aloof and say that we didn’t do anything,” he said on JoyNews late evening program, PM Express.
Source: Myjoyonline.com
