Attorney-General and Minister for Justice, Godfred Yeboah Dame, has called for critical reforms to the legal regulatory processes governing international arbitration in Africa.
Speaking at the International Bar Association's annual conference in Mexico City on Thursday, Dame stressed the growing impact of arbitration on African economies due to the rapidly evolving business landscape and the increasing use of alternative dispute resolution clauses in commercial agreements.
Godfred Dame expressed concern about the potential for abuse within the arbitration system, citing the secrecy of proceedings and the finality of awards as contributing factors.
He noted that this framework has led to some questionable outcomes for African countries. "For all its touted advantages, the nature of arbitration, especially its secrecy and finality, can become an unwitting vehicle for fraud and abuse against the people of Africa," he stated.