Bawumia absolves himself from rotten PDS deal

Vice President Mahamudu Bawumia has distanced himself and his office from the bad ECG concession that has damaged the reputation of the Akufo-Addo government locally and internationally. can report authoritatively that close aides of Dr. Bawumia have frequented the offices of United States ambassador to Ghana and on behalf of their boss indicated he has nothing to do with the US$498 million deal from the Millennium Challenge Cooperation that will see the Electricity Company of Ghana being run for 20years by private firms to ensure efficiency in electricity sales and delivery.

The revelation that the initial concession agreement was corruptly tweaked by the Akufo-Addo government to enable a local participating shareholding of 51 per cent with close friends benefiting has raised eyebrows. It has emerged that fraud was detected from Power Distribution Services (PDS) in executing the insurance payment security in the concession agreement, which compelled government to suspend it.

Compact II of the Millennium Challenge Account (MCA) was earmarked by the United States government to deal with problems in Ghana’s in efficient electricity distribution and billing, and Dr. Bawumia, who, sources confirmed, is not taking lightly on his reputation, has approached the originators of the ECG concession.

“He [Dr. Bawumia] is an international economist. His reputation has been built over the years and we won’t allow it to be damaged just like that. We told the US embassy his office has nothing to do with it. The deal was done elsewhere in government. Dr. Bawumia has nothing to do with PDS,” a close aide of the vice president confided in this reporter on condition of anonymity.

He added,”There are many international institutions seeking his services: The World Bank, International Finance Corporation, IMF, a lot. So he will not touch any stinking deal.”

“There is a lot of turf war in government. Many people are moving to occupy spaces to take deals but we must ensure that we do not depart from the core mandate Ghanaians give us to make their lives better. So Dr. Bawumia is always guided by that. As a devout Muslim, he must not soil his image with corruption and stealing.”

Asked if Dr. Bawumia has visited the barbering shop X Men owned by one Philip Ayensu [who owns substantial shares in PDS], the close aide responded in the affirmative but insisted that would not have made the vice president culpable in the shady deal.

PDS took over the Electricity Company of Ghana (ECG) in March, 2019 based on a July 3rd 2018 Lease and Assignment Agreement (LAA) and Bulk Supply Agreement (BSA) between the two entities as part of Private Sector Participation (PSP) in ECG under the Ghana Power Compact of the Millennium Challenge Account (MCA).

PDS owes 51 per cent shares in the concession agreement. It is a consortium of three Ghanaian companies, comprising TG Energy Solutions Ghana Ltd [18 per cent], Santa Baron Ventures Limited [13 per cent] and GTS Engineering Services Limited, a local financial lead [10 per cent] and TBK Ghana Limited, a local financial sponsor [10 per cent].

The remaining 49 per cent shares are for two foreign companies, Manila Electric Company Limited (Meralco), a Filipino company with 30 per cent shares and Aenergia, an Angolan company with 19 per cent shares.

The two foreign companies are the technical lead for the Consortium and by extension PDS. has gathered the largest Ghanaian shareholder in the PDS transaction is TG Energy solutions [28 percent shares], whose main shareholder is one Philip Ayensu, owner of X Men Barber Shop, East Legon and without experience in electricity management but has links with defacto prime minister Gabby Asare Otchere Darko, President Akufo-Addo’s nephew.

NPP MP for Sekondi, Andrew Agyapa Mercer acts as director of TG Energy while known NPP advocacy Group member, Lawyer Sophia Kokor of Danquah Institute acts as second director.

Finance Minister Ken Ofori-Atta is also cited as having his ‘pawns’ all over the rotten family and friends deal with lifelong partner, Keli Gadzekpo, appointed board chairman of ECG, though that was not his field of expertise.

The 51 percent Ghanaian companies ownership have been found not financially and technically sound enough to partake in the deal.

Meanwhile Gabby, Ken Ofori Atta and their cronies are estimated to make US$134 Million annually for the next 20 years had the dirty secret not been discovered.

Press Attaché of the US Embassy, Ms Naomi Mattos has in an email to journalists demanded government “conducts a thorough forensic audit into the claims of fraud to fully establish the facts.”

Many Ghanaians including civil society organisations have called for the concession agreement to be abrogated and the culprits who committed fraud dealt with according to law.

Government in response announced that it was conducting a 30-day inquiry into the whole saga and the findings will inform appropriate actions.

Electricity Company of Ghana is now managing affairs of distribution and billing of power supply again.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *