Former Power Minister takes on AG over $134m judgement debt to Trafigura
Published:
3 months ago
Source:
MyJoyOnline
Former Power Minister, Dr Kwabena Donkor has chastised the Attorney-General, Godfred Dame for failing to settle all legal liabilities accruing from a 134 million dollar judgement debt issued against Ghana by a tribunal in the United Kingdom. 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%. Additionally, Ghana was ordered to reimburse GPGC's arbitration fees and expenses, totalling $3,309,877.74, with an interest rate of three-month USD LIBOR, compounded quarterly.