Business News of Friday, 3 November 2023
Source: www.ghanaweb.com
$140 million judgment debt: Ghana’s assets will not be sold – Papa Owusu Ankomah assures
Papa Owusu Ankomah is Ghana's High Commissioner to the UK
Ghana’s High Commissioner to the UK and Ireland, Papa Owusu-Ankomah, has assured that Ghana’s assets in the UK will not be sold to defray the $140 million judgment debt from the Trafigura deal.
According to him, the Ministry of Finance is working to settle the debt as soon as possible.
Earlier, one of Ghana’s properties in the UK, the Regina House used for commercial purposes was tagged to be sold.
However, the Hi, will not be sold to defray part of the debt.
“We will not get to that stage where these assets will be sold to defray the debts, because of progress made on reaching a settlement,” he said as quoted by myjoyonline.com.
He added that reports that the judgment deal had brought work at the High Commission to a standstill are untrue.
“Whatever happened has not affected work or the services that we are offering here in London and the UK,” he said.
A High Court in the United Kingdom threw the Government of Ghana's challenge on processes used to serve the country proceedings relating to a judgment debt claim by GPGC, a subsidiary of international commodities company, Trafigura.
The company sued the Ghana government over the termination of two power deals and was awarded a judgment debt of US$140 million by a UK court.
Ghana contended, however, that the company under existing laws had to serve the government through diplomatic channels contrary to a ruling that allowed them to use alternative services.
The High Court ruled that Ghana's move to invoke the State Immunity Act provisions as the basis for which Trafigura could not serve them judgment debt documents via post and email was untenable.
SSD
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