There is the need to work to make Africa a highly respected home for arbitration in cases emanating from Africa, the Attorney-General and Minister of Justice, Mr Godfred Yeboah Dame, has suggested.
He was speaking as the guest speaker at the African Regional forum held as part of the International Bar Association's annual conference in Mexico City, Mexico on Thursday, September 19, 2024. "I suggest that African nations must take steps to ensure that most international arbitrations involving them take place in their respective countries and are regulated by the laws of their own countries." The Attorney-General and Minister of Justice observed that international arbitration has become the principal means for resolving disputes between governments and private persons.
Rather unfortunately, he noted that such disputes often end up being contested at huge cost outside Africa, with London, Paris and New York being the most popular seats for arbitration.
He said even when African disputes involve two African parties, the cases tend to be subject to either the rules of the International Chamber of Commerce (ICC) or London Court of International Arbitration (LCIA) rules, and arbitration takes place with the seats being London, Paris, New York or Singapore.