Ken Ofori-Atta’s Enterprise Group Exposed As Major Front In PDS Scandal

Energy expert and former Vice-Chairman of the Public Interest and Accountability Committee (PIAC), Kwame Jantuah has exposed Enterprise Group owned by Finance Minister Ken Ofori-Atta as a major front being used in the scandalous Power Distribution Services (PDS) deal with the Electricity Company of Ghana (ECG)

According told Accra based Starr FM that the PDS deal initially involved offering the 51 % majority shareholding to Ghanaians through the Association of Ghana Industries, but the Finance Minister set in motion a clever scheme that ensured the 51% will go to himself and government cronies through the Enterprise Group.

According to Jantua, who’s a former vice-chairman of PIAC, the 51 per cent shares which president Akufo-Addo ordered be given to AGI to mobilise local businesses, “I’m waiting to hear the 51 per cent side of PDS. I’m waiting for somebody to come and tell me how did that 51 per cent move from AGI, which the president Instructed should be taken to AGI for AGI to collate businesses to buy those shares, How did it move Enterprise?” Jantua charged.

Mr. Jantua’s accusation syncs with recent leaks from a WhatsApp Group created by Gabby Asare-Otchere Darko to include 12 key players consisting of cronies of the Akufo Addo administration.

In the group named “Thriller in Manilla” players in the PDS consortium were apparently pissed by attempts by Finance Minister Ken Ofori-Atta to dilute the original shareholding of PDS.

Information available to Whatsup News shows that this in-fighting was based on a March 27, 2019, letter written by Ken Ofori-Atta lawyer Akoto Ampaw to fuse the local companies into one entity under a Special Purpose Vehicle (SPV). In the Finance Minister’s order apparently did not particularly excite the “Dons” behind the PDS.

In the PDS deal, the United States Millennium Challenge Account (MCA) as part of its latest compact with Ghana was providing US$ 500 million for private management of the Electricity Company of Ghana. The contract required a foreign company and local partners who were to provide matching financing in the region of US$ 490 million.

This compact had been initiated in 2013, during the previous administration of the opposition National Democratic Congress (NDC). Upon assumption of office in 2017, the Akufo Addo administration appointed Dr. Esson Benjamin to head MiDA. The administration also appointed Keli Gadzekpo as the Chairman of ECG.

Incidentally, Mr. Gadzekpo and Dr. Esson Benjamin are all business partners of Finance Minister Ofori-Atta who is the government’s main representative in the PDS/ECG negotiation. Indeed (except for the finance minister by virtue of his public position), the two are still directors of Enterprise Group- a financial institution formed by Ken Ofori-Atta and Keli Gadzekpo.

Furthermore, the Akufo Addo administration renegotiated the terms of the PDS concession from 20% local partnership to 51% local partnership. Afterwards, Meralco of Philippines was picked from six shortlisted foreign companies. To partner Meralco, three local companies: TG Energy Solutions, GTS Power and Santa Power Limited were added to form 51 % local content.