Communications Minister, Ursula Owusu-Ekuful, has said the value of the assets for the Electricity Company of Ghana (ECG) offsets more than that of the second trench disbursement funds of US$190 million set out to improve Ghana’s electricity distribution under the Ghana Power Compact program.

The disbursement was terminated on Wednesday, October 23 by the United States Embassy after government made the decision to annul the concessionaire agreement for the Power Distribution Service (PDS) following.

“Yes, we have lost US$190 million, but what we are the value of assets for ECG, it far outweighs this US$190 million,” the minister expressed.

Speaking on JoyFM’s Super Morning Show Thursday morning, she said the Akufo-Addo led administration, through due diligence, discovered the suspected breach and has proceeded to act to preserve national assets.

“Should we have sat by and done nothing? Judging by the practice in procurement, government was right within its context to raise the issue and seek termination of the Power Distribution Services (PDS) concession agreement,” she added.

Mrs Owusu-Ekuful maintained that government was unable to compromise because it had been advised, that the concessionaire failed, as initially suspected, to meet a material and fundamental term of the concession agreement — to deliver and maintain valid payment securities for the transfer of assets.

Government yesterday announced that the ECG has assumed full operational and financial control of the electricity distribution after government made the decision to terminate its concessionaire agreement with Power Distribution Services (PDS) after a careful legal review of demand guarantees.