US court uncovers Ghana made ‘intrinsically weak’ appeals in $134m judgement debt to Trafigura
Published:
3 months ago
Source:
MyJoyOnline
A U.S. district court document reveals that Ghana's legal team twice failed to challenge a $134 million judgment awarded to energy firm Trafigura by English courts. This debt stems from a power purchase agreement between Trafigura's GPGC and the Ghanaian government. The case dates back to January 26, 2021, when a UK tribunal issued a Final Award, finding that Ghana had breached its contractual obligations by terminating the power purchase agreement with GPGC on February 18, 2018. The tribunal determined that Ghana owed $134,348,661 as an Early Termination Payment, with an interest rate of six months USD LIBOR plus 6%.