AMERI brouhaha: What message are we sending to investment community?

The agreement was structured with a balanced risk allocation mechanism, with Liquidated damages and penalties imposed on Ameri in case of failure to perform the obligations as per the terms & conditions.

It is worth highlighting that due to the efficient operation, not a single penalty is imposed on Ameri plant during the course of its operation since 2015.

Malice is a well-known and an established fact. Determined to fight the Ameri deal at all cost, without even being privy of the very basic details of the transaction. Hence their irresponsible and the bigoted conduct is not surprising.

The committee totally disregarded the hard work of our Patriot Ghanaians, who invested hundreds of hours building the entire deal for the benefit of the country, whether they were from the ministry or appointee of the NDC.

The committee did not even care to seek clarification for their sham beliefs. Thereby generating a report simply based on their hostility and in total disregard of the norms of natural justice. This is indeed a scornful act against the nation!

Totally bizarre and ludicrous questions on the legality of the agreement are being raised. The concerned ministries and their respective departments conducted their technical and legal due diligence of the project and the developer. The emergency nature of the project demanded expeditious action while being within the professional and business confines.

An efficient project developed in a record time for the benefit of the people of Ghana, is being put into question because of its efficiency? Or because of its uninterrupted supply of power to the country? What question are we putting before our general public and also in front of the international media and across the globe? Will the international investors contributing to the economic uplift of Ghana, feel the essential investment security in Ghana anymore or are we making the entire mechanism shaky & questionable?

Applause to Ameri who have still run the plant to generate electricity for the Ghanaians, despite the fact that the last payment made to them as per the terms of the legally binding and fully enforceable agreement, was in the month of January 2017. It has come to our notice through VRA that Ameri served the Government with a notice of default which was also ignored with absurdity and the default continues.

Ameri is still producing power for the Ghanaians with a hope that the Government will realize that people of Ghana need power and will also fix their default. It is necessary that every prudent mind registers that there is a good, fully exercisable remedy available to Ameri to draw down on the SBLC on each default of the Government.

In case of such exercise of the contractual remedy by Ameri, the financial credibility of Ghana will be tarnished and every dollar borrowed through international funding will be expensive for the economy. This mishandling or abuse of an ability to manipulate the situation would result in an exponential hype in the international financing costs.

And that would only happen if even after an established government default on a guarantee, any investment comes in for the Ghanaian nation. Ameri is owned by a member of the Royal family of Dubai, therefore, this default would also damage the relationship that our Government enjoys with the Government of United Arab Emirates and through those ties, we draw great economic benefits.

Is this all being staged by the Rental mafia who does not want the people of Ghana to understand and enjoy the benefits of the valuable deal? Do we want to send a message worldwide that any government will take down the projects of national interest as per their sweet will, in total disregard of the welfare of the people and without considering the costs that this nation would face?