A former Chief Executive Officer (CEO) of the Ghana National Petroleum Corporation (GNPC) and energy expert, Mr Alex Mould has accused the government of complicity in the Power Distribution Services (PDS) deal.
In a statement reacting to the report released by FTI Consulting, a United States-based consulting firm commissioned by the Millennium Development Authority (MiDA) which investigated whether or not Power Distribution Services (PDS) Ltd duly won the contract to manage the assets of the Electricity Company of Ghana (ECG), Mr Mould said government knew shareholders of PDS did not have the wherewithal to raise the funds for the guarantee.
According to him, PDS shareholders were allowed to “cannibalize funds from operations (cash flow for all the power service providers) to meet their obligation to fulfil the raising of the guarantee condition which was to precede takeover of the assets of ECG.”
“This shows that government - MiDA, ECG, its sector ministry (Ministry of Energy and Ministry of Finance) was complicit in the perpetuation of this high-level act of deception. And we are all either ignorant, clueless or just plain dumb and dull-witted!!!
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