Four PDS Officials Arrested Over Alleged GH₵850 Million Transfer from ECG
On Monday, May 4, 2024, the Minister of State for Government Communications, Felix Kwakye Ofosu, disclosed on X that four individuals linked to the defunct Power Distribution Services (PDS) Ghana Limited had been arrested by the Bureau of National Investigations (BNI). The arrests stem from an investigation into the alleged transfer of GH₵850 million from the Electricity Company of Ghana’s (ECG) CalBank account.
Background of the PDS‑ECG Concession
PDS Ghana Limited took over ECG’s distribution operations under a concession agreement negotiated by the previous government. The arrangement required PDS to assume responsibility for ECG’s assets and liabilities, with a reconciliation process to be completed before any transfer of funds. However, the concession was terminated after ECG objected to a demand guarantee submitted by PDS that it deemed flawed.
Following the termination, the dispute was referred to arbitration in London. ECG prevailed in the arbitration, which was expected to preserve the status of both parties’ assets and liabilities. When ECG subsequently attempted to access its CalBank account, officials reported that the GH₵850 million balance could not be located.
Details of the Alleged Transfer
According to Benjamin Alpha Aidoo Esq., spokesman for the Attorney General, the funds in question were moved from ECG’s CalBank account during the arbitration period. Aidoo explained that investigators are seeking to understand the circumstances under which the money was drained and to identify any additional parties who may have facilitated the transfer.
“Investigators want to understand the full circumstances under which these funds drained from these accounts. They need to call various people who they believe may have been involved in the depletion of these accounts.”
Officials Named in the Arrest
- Philip Ayesu – former PDS executive
- Viraj Phat – former PDS finance officer
- Sophia Korkor – former PDS compliance manager
- Judge Menka‑Premoh – former PDS legal adviser
The Minister’s statement noted that all four suspects have been released on bail while the BNI continues its inquiries. Attempts to reach Philip Ayesu for comment were unsuccessful, as his phone was switched off at the time of outreach.
Legal Proceedings and Bail
Benjamin Alpha Aidoo Esq. confirmed that the four individuals have been formally charged, but were granted bail pending further investigation. He emphasized that the bail decision does not imply guilt and that the investigation remains active.
The BNI’s approach includes interviewing additional witnesses, reviewing banking records, and examining correspondence between PDS officials and ECG during the arbitration period.
What Happens Next?
Investigators aim to determine whether the transfer of GH₵850 million was authorized, whether it violated any contractual or legal obligations, and whether any parties benefited illicitly. The outcome could have significant implications for:
- Ongoing litigation between ECG and PDS
- Future concession agreements in Ghana’s energy sector
- Reforms to oversight and accountability mechanisms for public‑private partnerships
As the case develops, stakeholders—including ECG, the Ministry of Energy, and international arbitration bodies—will be watching closely for any findings that could affect financial restitution or regulatory policy.
Sources: Statement by Felix Kwakye Ofosu on X (May 4, 2024); interview with Benjamin Alpha Aidoo Esq., Attorney General’s spokesman, Citi Eyewitness News (May 4, 2024); public records of the PDS‑ECG concession and London arbitration proceedings.
