By Collins Sarkodieh 
The Attorney General’s office has confirmed a massive investigation into the disappearance of GH¢850 million from an Electricity Company of Ghana (ECG) account at Cal Bank. This probe, linked to the defunct Power Distribution Services (PDS) concession, has already resulted in the arrest and questioning of four high-profile suspects.
As part of the state’s “Operation Recover All Loot” (ORAL) initiative, the National Intelligence Bureau (NIB) is currently tracing the movement of these public funds to determine if they were siphoned, stolen, or misused. The case is a direct fallout of the 2019 termination of the PDS agreement, which was canceled after the government discovered that some payment guarantees had been obtained through fraudulent means.
For many Ghanaians, this GH¢850 million represents more than just a figure on a balance sheet; it is a critical portion of the nation’s energy sector revenue. The Attorney General is committed to a speedy investigation to uncover whether this was a coordinated scheme between PDS officials and the invited suspects.
Who are the suspects arrested in the GH¢850m PDS-ECG case?
The Minister of State in charge of Government Communications, Felix Kwakye Ofosu, identified the four suspects as Philip Ayensu, Viraj Phat, Sophia Korkor, and Justice Menka-Premoh. These individuals were picked up by the National Intelligence Bureau on May 4, 2026, based on intelligence suggesting they had critical questions to answer regarding the missing funds.
After intensive questioning, all four suspects were granted bail while the investigation continues. The state has not yet pressed formal charges, as the current focus is on building a robust evidence trail that connects these individuals to the specific movement of money from the ECG Cal Bank account.
The NIB’s interest in these specific persons suggests that they may have held pivotal roles or had significant influence over the financial transactions during the PDS-ECG transition period. While they are currently on bail, they remain central to the state’s effort to understand how such a large sum could vanish from a state-linked account.
How did GH¢850 million go missing from the ECG account?
The funds reportedly disappeared from a specific ECG account held at Cal Bank, a situation that came to light following the collapse of the PDS concession agreement. Investigators are currently tracing the circumstances surrounding the transfer of these large sums to determine if the money was siphoned into private accounts.
The Attorney General’s spokesperson, Benjamin Alpha Aidoo, explained that the probe is looking into whether there was a coordinated scheme to divert revenue collected during the time PDS managed Ghana’s power distribution. This revenue was intended to settle ECG’s operational costs and debts but instead became the subject of a disappearance act that has left a nearly billion-cedi hole in the books.
Tracing “ghost” money in high-finance cases like this requires a digital forensic approach. Investigators are looking for unauthorized transfers, “off-ledger” payments, and any documentation that might have been forged to justify moving the GH¢850 million out of the state’s reach.
What is the link between PDS and the missing funds?
The missing GH¢850 million is inextricably linked to the 2019 power concession agreement where Power Distribution Services (PDS) took over the assets and operations of the Electricity Company of Ghana (ECG). That agreement was terminated by the government after it was discovered that the demand guarantees provided by PDS were obtained fraudulently.
Since the termination, there have been lingering questions about the revenue PDS collected from consumers during its brief period of operation. The Attorney General’s office believes that the current GH¢850 million deficit is a direct result of financial irregularities that occurred during or immediately after the handback of operations to ECG.
This investigation isn’t just about a missing number; it’s about the integrity of public-private partnerships. If a concessionaire can manage a state utility and then “lose” nearly a billion cedis in transition, it signals a massive failure in oversight that the current AG’s office is desperate to correct.
Factual Insights into the PDS-ECG Financial Probe:
- Total Missing Amount: The investigation targets approximately GH¢850 million that is currently unaccounted for in an ECG Cal Bank account.
- Number of Suspects: Four individuals Philip Ayensu, Viraj Phat, Sophia Korkor, and Justice Menka-Premoh have been arrested and granted bail.
- Date of Arrests: The suspects were picked up by the National Intelligence Bureau (NIB) on May 4, 2026.
- The ORAL Initiative: This case is being pursued under “Operation Recover All Loot,” a state program designed to track and reclaim misused public funds.
- Concession History: The PDS agreement was terminated in 2019 due to the discovery of fraudulent payment guarantees.
- Tracing Strategy: Spokesperson Benjamin Alpha Aidoo confirmed that the state is currently “tracing the movement” of the funds to see if they were siphoned.
- Investigative Body: The National Intelligence Bureau (formerly the BNI) is the lead agency conducting the questioning and intelligence gathering.
What is “Operation Recover All Loot” (ORAL)?
“Operation Recover All Loot,” or ORAL, is the state’s strategic framework aimed at identifying, uncovering, and recovering public funds that have been diverted or misused through corruption and administrative fraud. The PDS-ECG GH¢850 million case is currently one of the highest-priority files under this initiative.
The ORAL program empowers intelligence agencies like the NIB and the Attorney General’s office to move beyond simple audits and into deep-dive criminal investigations. It focuses on high-value targets where the loss to the state is significant enough to impact national development and utility stability.
By framing the PDS investigation within the ORAL initiative, the government is signaling that it intends to do more than just find the culprits it intends to bring the money back. The goal is to set a precedent that public funds, especially those from utility payments, are not a “free-for-all” for private entities or coordinated schemes.
Why are there no fixed timelines for the PDS investigation?
Attorney General spokesperson Benjamin Alpha Aidoo stated that definite timelines cannot be fixed because the intelligence agencies must follow leads as they develop. High-stakes financial investigations often involve complex layers of bank transfers that require time to unmask and verify.
Fixing a timeline could jeopardize the quality of the evidence. If investigators are rushed, they might miss the “paper trail” that connects the siphoned funds to the ultimate beneficiaries. However, the Attorney General has assured the public that the state is committed to a “speedy investigation and trial” once all the pieces are in place.
While the public is naturally anxious for results, the AG’s office is prioritizing a “water-tight” case. In previous high-profile financial trials, cases have fallen apart due to a lack of concrete evidence tracing the money; the state is determined to avoid that outcome with the GH¢850 million PDS probe.
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What does this scandal mean for the future of ECG?
The disappearance of GH¢850 million places a massive financial strain on the Electricity Company of Ghana, potentially affecting its ability to pay independent power producers and maintain the national grid. When funds of this magnitude go missing, it often results in a “liquidity crunch” that can lead to operational inefficiencies.
Beyond the finances, this case is a PR nightmare for the utility sector. It raises questions about how the ECG Cal Bank account was monitored and why it took intelligence agencies to raise the alarm. For ECG to move forward, it must implement more transparent, real-time financial tracking to ensure that concessionaires or internal officials cannot move state revenue without immediate detection.
Recovering these funds through the ORAL initiative would provide a much-needed boost to ECG’s balance sheet. It would also restore some level of public trust, showing that the state is willing to police its own accounts and hold even the most powerful contractors accountable for every cedi collected from the Ghanaian people.
The Path to Accountability
The GH¢850 million PDS-ECG scandal is a defining moment for the Attorney General’s office and the National Intelligence Bureau. With four suspects already questioned and the state actively tracing the “ghost” funds, the message is clear: the era of siphoning public utility revenue without consequence is over.
As the investigations continue under the “Operation Recover All Loot” banner, the focus remains on the movement of money from the Cal Bank account. Whether this was a coordinated scheme or a series of administrative failures, the state is determined to find the truth and, more importantly, find the money.
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If nearly a billion cedis can be moved from a state account under the guise of a concession, what does that say about the oversight of our national assets?