Ghana loses US grant after gov't scraps deal with firm that includes Meralco

Meralco said Power Distribution Services, where it has a 30-percent stake, acted 'in good faith.' ACCRA, Ghana -- The United States has cancelled $190 million in grants to Ghana under the "Power Africa" initiative in response to the Ghanaian government's termination of a contract with a private utility provider, the US embassy said.

The financing was the largest by the United States under Power Africa, which was launched in 2013 by then president Barack Obama and aims to bring electricity to tens of millions of households in Africa. But Ghana's finance minister informed US officials on Saturday that the government was cancelling the 20-year concession it had signed with PDS, saying payment guarantees provided were not satisfactory.

"PDS has maintained that it procured the Demand Guarantees in good faith and that it has no knowledge of any issue with same until the suspension of the concession," the Filipino utility said.

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