A process has been initiated in South Africa for the enforcement of arbitrary awards against the Government of Ghana, oil giants, Trafigura, has said.
In a letter to Minister of Finance, the world renowned oil trader stated that while it preferred to settle the case amicably, the Ghanaian government has not been forthright with its cooperation.
“Further to our letter of September 20th 2024, to which we have not yet received a response, we can confirm that we have today filed the relevant papers to commence enforcement of the arbitral award in South Africa.
“We would nevertheless like to reiterate the message of our previous correspondence, that we would prefer not to take any further enforcement action and instead to resolve the matter amicably by fully executing the settlement agreement, as soon as possible, ideally within this week, and receiving payment in accordance with the agreed schedule,” the company’s letter to the minister read in part.
It will be recalled that Trafigura took possession of Ghana’s commercial property in London, Regina House following the government’s failure to settle a $134 million judgment debt to the company.
The debt was accrued when a court in the United Kingdom ruled that the Government of Ghana wrongfully terminated a power purchase agreement involving the company.
The ruling was subsequently upheld by a United States court, fueling discussions in the public about the mammoth debt burden, a defaulting like Ghana has to shoulder.
Source: Ghana/Starrfm.com.gh/103.5FM
