PDS deal termination: Vice President of Imani lauds government for terminating PDS contract; says government can recoup lost $190m in 6 months

Kofi Bentil
  • The Ghanaian government has terminated the agreement between Electricity Company of Ghana and Power Distribution Services.
  • This is despite the United States' description of the termination as "unwarranted".
  • But the Vice President of IMANI Africa said this is a good decision.

The Vice President of policy think tank, IMANI Africa, Kofi Bentil, has extolled the government for not wavering on their stance to terminate ECG’s agreement with PDS despite pressure from the US government.

In a Twitter post, Kofi Bentil said the government could make the $190 million which the US government withdrew from the cancellation of the contract with the Power Distribution Services from oil revenue.

“$190m, we make that from 6 months of Oil revenue! I support The Gov’ts decision to correct the PDS mess and do things right!!”

The Finance Minister, Ken Ofori Atta in a presentation to Parliament in 2018 said that Ghana was set to benefit from oil revenue with the sum of $1.1 billion in 2019.

He explained that Ghana would get US$249.60 million in Corporate Income Tax, US$602.80 million from the Carried and Participating Interest, US$227.10 million from Royalties, and US$1.10 million from Surface Rentals.

On October 19, 2019, the US government released a statement saying that it had stopped the release of $190 million granted to Ghana following the termination of the concession agreement with Power Distribution Services (PDS).

The statement issued by the US Embassy described the termination of the PDS deal as unwarranted explaining that the concession was valid despite claims that portions of it were not valid.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Rashid Abdalla's kids interrupt Citizen TV bulletin to wish him happy birthday [Video]

Rashid Abdalla's kids interrupt Citizen TV bulletin to wish him happy birthday [Video]

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022

Zuchu forced to apologize to fans after viral video raised eyebrows

Zuchu forced to apologize to fans after viral video raised eyebrows

Willy Paul wins against Diana Marua in court

Willy Paul wins against Diana Marua in court