• Charles Adu-Boahen appeared before the Appointments Committee of Parliament to be vetted for the position of Minister of State for Finance

• Answering a question on the PDS deal, he said that the government had to cancel the deal because of some invalidations they noticed

• He explained however that the country did not lose money from cancellation of the deal

The deputy minister-designate of State for Finance, Charles Adu-Boahen, has provided details on what exactly happened with the PDS deal.

According to him, the breakdown of the deal was basically due to an invalidation of the guarantee established in the deal between the parties.

Speaking during his vetting before the Appointments Committee of Parliament, he said that the contract had to be cancelled after the invalidation was noticed.

"It's my understanding that the insurance guarantee that was obtained was not valid and so therefore it put the assets at risk in case anything was to happen. And if it was not valid then that means the whole contract was invalid and hence had to be cancelled," he said.

Asked by Mohammed-Mubarak Muntaka, the Asawase Member of Parliament, if the country lost money in the PDS deal, this is what he had to say:

"No. Actually, we averted the possibility of losing money if something had happened to the ECG asset," he answered.