The Bureau of National Intelligence (BNI) has arrested four individuals connected to Power Distribution Services (PDS) over the suspected transfer of funds believed to belong to the Electricity Company of Ghana (ECG).
According to the Minister of State in charge of Communications, Felix Ofosu Kwakye, the arrests were carried out last week as part of ongoing investigations into the movement of large sums of money.
In a Facebook post titled “Oral Update,” Mr Ofosu Kwakye identified the suspects as Philip Ayensu, Viraj Phat, Sophia Korkor, and Justice Menka-Premoh. He added that all four individuals have since been granted bail while investigations continue.
PDS took over the operations of ECG on March 1, 2019, under a 20-year concession agreement backed by the Millennium Challenge Compact between the Government of Ghana and the United States’ Millennium Challenge Corporation.
However, the arrangement was short-lived. The government terminated the deal within months after uncovering that key payment guarantees, reportedly issued by Qatar-based Al Koot Insurance and Reinsurance Company, were fraudulent.
Courts in Qatar, including the Court of Cassation, later confirmed that the guarantees were indeed forged.
The collapse of the concession came at a significant cost, with Ghana losing about $190 million in funding from the Millennium Challenge Corporation.
Following the termination, PDS initiated arbitration proceedings in London, seeking compensation and a declaration that the contract had been wrongfully ended.
But in November 2025, the London Court of International Arbitration dismissed all of PDS’s claims, ruling that the government was justified in terminating the agreement due to the fraudulent guarantees.
Despite the ruling, questions have persisted over how ECG’s revenues were managed during the concession period, issues the latest investigation is now expected to address.
ALSO READ:
