The Millenium Development Authority (MiDA) has described as unfortunate the recent suspension of the private sector participation agreement signed between government and the Power Distribution Services owing to a “falsified” letter of guarantee.
MIDA which superintended over the Electricity Company of Ghana Private Sector Participation (PSP) under the Millenium Challenge Compact 2, in a statement issued on Thursday, cautioned the public to be circumspect in drawing conclusions on the matter not supported by facts.
Read below the full statement
ECG PSP CONCESSION AGREEMENT
The Millennium Development Authority (MiDA), is aware of the recent media reports and public
statements on the ECG PSP Concession.
MiDA hereby clarifies that each step of the ECG PSP transaction process, prior to the handover of
ECG’s distribution business and assets to PDS, was subjected to careful scrutiny and various
These involved several documents submitted as requirements for the transaction process. In line with best practice in International Business Transactions, all documents submitted as part of the transaction were accepted on the basis of good faith and the presumption in law as to their validity.
While the current development is an unfortunate setback to the progress of the Concession, MiDA wishes to assure the public that it welcomes investigations into this matter. MiDA wishes to advise the public to be circumspect in drawing conclusions not supported by facts and evidence while investigations are ongoing.
MiDA also assures all Ghanaians that it will continue to work transparently and with a high level of integrity to achieve results in the best interest of Ghana in order to sustain the goodwill and prospects our country derives from the implementation of the Millennium Challenge Account Program.
A full statement on the issue has been published on the MiDA website at www.mida.gov.gh.