Ghana’s government is facing mounting pressure from oil giant Trafigura over an unresolved USD134 million judgment debt. Apexnewsgh reports
The dispute stems from a terminated power purchase agreement with Ghana Power Generation Company (GPGC) in 2018, which a UK tribunal ruled was a breach of contractual obligations ¹.
Trafigura’s frustration has grown after Ghana made only partial payments, leaving a substantial sum outstanding. The company has acquired Regina House, a key commercial property in London, as a result of the government’s failure to settle the debt.
In a recent petition to Finance Minister Dr. Mohammed Amin Adam, Trafigura demanded immediate payment and warned of potential legal action if ignored. The situation escalated when a U.S. court added USD111.4 million in interest to the original debt due to Ghana’s failure to respond to the ruling ¹.
Trafigura is now threatening to seize state assets in South Africa if payment is not made. Ghana’s waiver of sovereign immunity and commitment to international arbitration has further complicated the situation, exacerbating the country’s financial obligations.
The four-year dispute has significant implications for Ghana’s financial stability and international reputation. Will the government meet Trafigura’s demands, or will the oil giant take drastic measures to recover its debt?
Source: Apexnewsgh/Ngamegbulam Chidozie Stephen
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