The Attorney-General and Minister for Justice, Godfred Yeboah Dame, has emphasised the need to reform the legal regulatory processes governing international arbitration in Africa.
He noted that this development limits the opportunities for African arbitrators and stunts the development of the continent's prowess in arbitration whilst also coming at enormous expense to the continent.
Dame stated that Africa suffers a lot of prejudice in the international arbitration arena. "Whilst international arbitration is touted to assure neutrality, privacy and efficiency in the adjudication of disputes, it cannot be disputed that African countries have been at the receiving end of some obnoxious and perverse awards. "We cannot discount the prejudice Africa often suffers in international arbitration fora.
What I advocate for is a sober reflection on the regime for handling international arbitration on the African continent and a reform of same.
The vulnerability of arbitration to abuse and fraud exposes the need for more robust safeguards in commercial disputes involving state parties, where the hard-earned purse of the nation is at stake. "I deem it incompatible with the sovereignty of African nations for most of our international arbitration matters to be heard in foreign jurisdictions and with foreign countries being the seat of arbitration.