The Ministry of Energy has pledged to recover all state funds owed by Power Distribution Services Ghana Limited (PDS) following the Electricity Company of Ghana’s (ECG) victory in an international arbitration case.
In a statement released on Thursday, November 6, the Ministry welcomed the ruling by a London-based tribunal, which dismissed all claims filed by PDS against ECG over the controversial termination of the 2019 concession agreement.
“The ruling is a major victory for the Republic of Ghana and the Ghanaian people,” the statement read. It further noted that the tribunal’s decision spares the state from potential liabilities running into hundreds of millions of dollars and brings closure to a long-standing and contentious dispute.
The Ministry emphasized that, with the termination of the concession now fully upheld by the International Arbitral Tribunal, attention will shift to ensuring full accountability and protecting public assets.
“The Ministry of Energy will immediately initiate the necessary steps to recover all funds due the State, including all revenue collected by PDS while it was operating the assets of ECG,” the statement added.
The tribunal’s decision reinforces the government’s initial justification for terminating the 20-year concession agreement after it emerged that the Payment Guarantees presented by PDS—a critical condition of the deal—were fraudulent.
According to the ruling, ECG’s decision to terminate the agreement was lawful, as the fraudulent guarantees constituted a fundamental breach of contract.
The Ministry concluded that the decisive victory not only secures ECG’s assets but also reaffirms the government’s commitment to integrity, transparency, and the protection of Ghana’s national interests in all major contractual arrangements.
Read the full statement here
Source:Mybrytfmonline.com/Nhyiraba Solomon Nartey
