Arbitrary claims:Ghana nearly lost $9 billion in the last four years-AG
By DL News
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This sum, he noted, could have devastated the nation's economy, but the cases were ultimately resolved in Ghana's favor.
Attorney General Godfred Yeboah Dame recently revealed that Ghana narrowly avoided losing nearly $9 billion to arbitration claims filed against the government over the past four years.
This sum, he noted, could have devastated the nation's economy, but the cases were ultimately resolved in Ghana's favor.
He mentioned that one significant claim brought by ENI Viton, initially demanding $7 billion, was later reduced to $915 million after Ghana successfully contested the proceedings. He stressed that any of these claims could have severely impacted the country’s economic stability.
Dame shared these insights during the Public Sector Lawyers Conference in Accra on Tuesday, November 5, 2024.
He expressed relief that, through diligent efforts, these claims had been dismissed by the International Arbitral Tribunal, stating, “With the grace of God, these cases were resolved in Ghana's favor.”
Several notable arbitration disputes against Ghana were cited, including a 2020 case involving a dispute with the International Finance Corporation (IFC) over investments in Ghana’s energy sector.
In 2019, Ghana National Petroleum Corporation (GNPC) clashed with Norwegian oil company Aker Energy over a deep-water exploration agreement.
Another dispute in 2018 involved Kosmos Energy and the Ghanaian government regarding tax interpretations in an offshore oil contract.
In response, Dame called for a reformation of Ghana’s arbitration laws, emphasizing the importance of refining regulations around arbitration and civil claims against the state.
