The LCIA dismissed all claims filed by PDS after the termination of its concession agreement with ECG, concluding that the company’s demands had no merit.

Crucially, the Tribunal ruled that the Demand Guarantees underpinning the transaction were void ab initio—invalid from the outset—making the government’s decision to terminate the concession legally justified.

In a statement signed by Richmond Rockson, Spokesperson and Head of Communications at the Ministry, government stressed that the entire episode “should never have arisen,” attributing the challenge to weak decisions and lapses in the selection and approval processes undertaken under the previous administration.

Those missteps, the statement added, contributed to Ghana forfeiting approximately US$190 million in Millennium Challenge Corporation (MCC) compact funding in 2019 – resources that were expected to support critical reforms within ECG.

With the arbitration now concluded, the Ministry says its priority is ensuring that the State and ECG recover any funds that may be due following the Tribunal’s verdict.

“The Ministry assures the public that all necessary legal and administrative steps are being taken to recover any amounts due to ECG and the State. We reaffirm our commitment to transparency, accountability, and sustainable energy reforms in line with President John Dramani Mahama’s development agenda,” the statement emphasized.

The Energy Ministry says the ruling clears the way for renewed focus on stabilising the power sector, strengthening corporate governance, and advancing reforms aimed at improving efficiency and financial sustainability within ECG and the broader energy value chain.