Exclusive documents secured by JoyNews, a multimedia outlet has revealed that Power Distribution Service paid the required amount of $12.2million to secure the takeover of Electricity Company of Ghana (ECG). Details of the document revealed PDS paid $12.2million premium to secure guarantee to complete takeover of ECG.

In a letter dated 21st February 2019, Cal Bank Ltd. wrote to Millenium Development Authority (MiDA) with the notice that, the  receipt of an amount of $8 million as a deposit for the payment of the charges for the issuance of the demand guarantees for a total value of $350 million. Later in May 2019, the final installment of $4.25million was settled from PDS account at Cal Bank.

Joy News also noted according to the document that once Cal Bank received the payment from PDS it worked with Donewell Insurance to finance the deal.

Donewell Insurance also engaged Jordanian based broker Jo Australia Reinsurance Brokers who were tasked with the job of finally making the required payments to secure the final demand guarantees from Qatar based insurance firm, Al Koot.

It is Al Koot which on July 16, 2019, through its Chief Officer General Insurance, Mr Osman Hag Musa, wrote to ECG, revealing  to them about a situation of fraud which the initial guarantee submitted was allegedly forged by an employee of the company who does not have the authority to issue such a guarantee.

Few days ago, government suspended the PDS concession agreement based on fraudulent happenings and has started an inquiry into the matter and is expected to submit its findings within 30days.

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Ghana’s total dept stock is now Ghs200billion as at May2019. This means that in a period of one year that is from May 2018 to 2019, the country’s total dept stock has gone up by Ghs45.9billion. This was obtained from the report of the Bank of Ghana (BoG) in their summary of financial and economic data which has reviewed the main health of Ghana.

The data showed that out of Ghs200billion total dept stock, external dept accounted Ghs105billion on the dept expressed in dollar terms which is about $20billion.

The funds are reported to have been borrowed locally and internationally. The local funds stood at Ghs94.6billion representing 17.5% of Ghana GDP. The increase of the dept stock has attributed to the Ghana Cedi marginally depreciated and the recent clean up of the Banking and non Banking sectors of the economy.

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The above picture is a pictorial view of the National Cathedral Design awarde to his company

President of the republic of Ghana has been petitioned by Ghanaians and “The Association of Designers and Architects” over  top projects awarded to David Adjaye an architect. According to the petitioners, the contracts that are awaded to the business man are based on merit and must be looked into. They noted that David Adjaye’s architect firm “David $ Associates” may be getting these contracts on bias bases.

The current government of Ghana has so far awarded over 12 top projects to the architect firm. Projects awarded to Sir David Adjaye’s firm include the National Cathedral and the recent $200million Parliamentary Chamber that caught the attention of so many Ghanaians.

The Designers Association of Designers and Architect have argued that these two projects including others like the Marine Drive Master Planning, Trade Fair Centre, GNPC Accra head Office and many more of such big projects were all not awarded properly and fairly.

“Our concerns are premised on the total and absolute disregard and non-adherence to principles of transparency, fairness, equity and the laws governing the procurement of professional services by stature companies and bodies. The negative impression and image is being created in the public that locally trained Architects and Engineers are incompetent and not qualified to undertake such projects in the country is totally untrue” they said in the petition

The Association maintained in the petition that David Adjaye and Associates was selected contrary to all notions of fairness to carry out projects when it is clear that anyone firm would be overburdened by projects of such magnitude. They have also attached letter responding to the Ministry of Lands and Natural Resources. And it described the competition for the design of the Parliamentary Chamber “a complex hoax”

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