Energy expert Dr Charles Wireko Brobby is not in support of government’s decision to satisfy an external deadline in the Power Distribution Service (PDS) concession deal.
According to him, there have been various calls demanding an external deadline because of a $500 million involved.
Speaking on Joy FM’s Super Morning Show Monday, he told host Daniel Dadzie that accepting the deal only means the country will be making a hasty decision which will later be regretted.
PDS which managed Ghana’s electricity distribution had its concession agreement with government terminated last Sunday. The termination came days after the NDC piled pressure on government over its handling of the deal. Government maintains, the company failed to provide a valid demand guarantee which would have satisfied its financial ability to manage ECG.There has been discussing what to do with the concession whether to give it to local interest or look for another foreigner investor.
“The injection of the change from a 20 per cent local interest to 51 per cent in effect drove away the interest of many of the people,” in the deal, Dr Brobby said.
He stated that similar mistakes were made which in turn led the country to acquire great losses.
The former Volta River Authority (VRA) boss cited the loss in the banking sector as a similar incident which according to him, brought a loss of about $4 billion cleaning up the sector.
Dr Wereko Brobby, however, stated that although cleaning the banking sector was important, there was a need to put the interest of the energy sector first.
He said the country should be committed to taking decisions that will bring long-term benefits to the energy sector rather than taking decisions that will take care of now.
Latest Stories
-
Ashanti, Nelly are engaged and expecting a baby
43 mins -
New Ghana train on test run involved in accident
50 mins -
World Bank, AfDB partner to provide 300m African’s with electricity access
57 mins -
Ghana wins preliminary ruling in Cassius Mining’s $300m international arbitration
1 hour -
Ghana’s revenue-to-GDP ratio to exceed 17% within next six years, but expenditure to remain flat – IMF
1 hour -
Gborbu Wulomo didn’t marry Naa Okromo – Chieftaincy Minister
1 hour -
Oquaye Jr. says he’s undeterred by ‘propaganda’ twist to viral laundry video
2 hours -
Ghana’s debt-to-GDP ratio to tumble to 69.7% in 2029 – IMF
2 hours -
Interior Ministry imposes 4pm to 7am curfew on Sampa
2 hours -
Child marriage: Teenage girl to be released to her family – Gender Minister-designate
2 hours -
Naa Okromo is 15 years old, still a virgin and not married to Gborbu Wulomo – Government
2 hours -
GhIE condemns intervention by Ashanti Regional Minister in ECG Affairs; commends ECG GM for upholding regulatory standards
2 hours -
GPL: Asantehene tasks Asante Kotoko to do ‘better’ after crucial meeting
2 hours -
Why Sam Jonah can’t trust Ghanaian journos to cover Election 2024 professionally
3 hours -
Laryea Kingston takes over as Black Starlets head coach
3 hours