The Power Distribution Services (PDS) Limited has said it has “always acted and will continue to in good faith at all times” in response to the suspension of its concession agreement with the government.
“PDS wishes to state for the record that it has always acted and will continue to act in good faith at all times,” a press release issued by the company on Wednesday morning said.
The statement signed by the Chief Executive Officer also added that the company will not rush to put out any information that it has not sufficiently substantiated.
“PDS will go through due process by complying with the terms of the transaction agreements executed between it and ECG on one hand and GOG and MoF on the other hand.
PDS also 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 image of Ghana,” the statement added.
The government last Tuesday suspended the concession agreement it had with PDS to manage the retail of electricity to consumers.
According to a press release, the decision follows the detection of fundamental and material breaches of PDS’ obligation in the provision of Payment Securities (Demand Guarantees) for the transaction which has been discovered upon further due diligence.
“The Demand Guarantees were key prerequisites for the lease of assets on 1st March 2019 to secure the assets that were transferred to the concessionaire. The government is conducting a full enquiry into the matter, and the outcome will inform the next course of action,” the statement said.