BNI Arrests Top Officials of PDS Over ECG Cash Transfer

The Bureau of National Intelligence (BNI) has arrested four individuals linked to the defunct Power Distribution Services (PDS) over the alleged transfer of funds believed to belong to the Electricity Company of Ghana (ECG).

Minister of State in charge of Communications, Felix Ofosu Kwakye, disclosed that the arrests were carried out last week as part of ongoing investigations under the government’s anti-corruption initiative, Operation Recover All Loot (ORAL).

In a Facebook post on Monday, May 4, 2026, Mr. Ofosu Kwakye said the suspects—Philip Ayensu, Viraj Phat, Sophia Korkor, and Justice Menka-Premoh—had since been granted bail pending further investigations.

“The Bureau of National Intelligence arrested the following persons affiliated to PDS last week as part of investigations into the transfer of large sums of money believed to belong to ECG,” he stated.

PDS assumed operations of the ECG on March 1, 2019, under a 20-year concession agreement backed by the Millennium Challenge Compact between the Government of Ghana and the Millennium Challenge Corporation.

However, the agreement collapsed within months after government investigations uncovered that key payment guarantees—reportedly issued by Qatar-based Al Koot Insurance and Reinsurance Company—were fraudulent.

Subsequent rulings by courts in Qatar, including the Court of Cassation, confirmed that the guarantees were forged, leading to the termination of the concession.

The fallout cost Ghana approximately $190 million in compact funding from the Millennium Challenge Corporation.

Following the termination, PDS initiated arbitration proceedings in London, seeking damages and a declaration of wrongful termination.

But in November 2025, the London Court of International Arbitration dismissed all claims, ruling that the fraudulent guarantees justified the government’s decision to terminate the agreement.

The tribunal further held that the guarantees were void from the outset, thereby absolving the government of liability.

Despite the ruling, concerns have persisted over how ECG revenues were handled during the concession period—issues that the latest BNI investigation seeks to address.

The Ministry of Energy has welcomed the arbitration outcome and indicated that steps are underway to recover funds due to ECG and the state.

The PDS deal has long been mired in controversy, with allegations of conflicts of interest and political exposure involving several individuals connected to the transaction.

Former Energy Minister John Peter Amewu had earlier revealed that the guarantees provided by PDS were not authorised by Al Koot, a finding later corroborated by a government delegation to Qatar led by Ambrose Dery.

ECG, represented by Omnia Strategy LLP and led by Cherie Blair, successfully defended the case, arguing that PDS failed to exercise due diligence.

The Ministry of Energy and Green Transition has reiterated its commitment to accountability and transparency, noting that efforts are ongoing to recover all misappropriated funds linked to the transaction.

Meanwhile, President John Dramani Mahama has attributed the collapse of the PDS arrangement to mismanagement and personal interests rather than inherent flaws in the concept.

Speaking at a recent event, he noted that while private-sector participation in power distribution remains viable, its success depends on proper implementation and governance.

The latest arrests signal a renewed push by authorities to unravel the financial dealings surrounding one of Ghana’s most controversial energy sector agreements.