BNI arrests four PDS-linked persons over alleged ECG funds transfer probe

Minister of State in charge of Communications, Felix Ofosu Kwakye, has disclosed that the Bureau of National Intelligence (BNI) last week arrested four individuals connected to Power Distribution Services (PDS) over the alleged transfer of funds believed to belong to the Electricity Company of Ghana (ECG).

In a Facebook post titled “Oral Update,” Mr. Kwakye said the arrests form part of ongoing investigations into the movement of large sums of money suspected to be ECG’s funds. He named the individuals as Philip Ayensu, Viraj Phat, Sophia Korkor, and Justice Menka-Premoh, adding that they have since been granted bail as investigations continue.

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

However, the arrangement collapsed within months after government investigations found that key payment guarantees—allegedly issued by Qatar-based Al Koot Insurance and Reinsurance Company—were fraudulent. The findings were later upheld by courts in Qatar, including the Court of Cassation.

The termination of the deal resulted in Ghana losing about $190 million in funding from the Millennium Challenge Corporation.

Following the collapse, PDS filed for arbitration in London, seeking compensation and a ruling that the termination was wrongful. But in November 2025, the London Court of International Arbitration dismissed all its claims, ruling that the fraudulent guarantees justified the government’s decision to end the agreement.

Despite that ruling, questions have persisted over the handling of ECG revenues during the concession period, which the current investigations are believed to be examining.