The Attorney General and Minister for Justice, Godfred Yeboah Dame, is leading a government negotiation team in discussions with Singaporean commodity trading firm, Trafigura, to devise a payment plan to settle a $140 million judgement debt.
This debt was awarded to Trafigura by a London court following the cancellation of a power purchase agreement in 2017.
Trafigura was granted the right to seize and auction off property belonging to Ghana in the United Kingdom. As part of this action, a property linked to the Ghana International Bank in London has already been attached for potential auction.
However, Deputy Attorney General Diana Asonaba Dapaah has assured the public that the Attorney General is actively managing the situation, and all state-owned properties in the United Kingdom remain secure. She stated, “We are working on it because there is a lot that goes with litigation, including settlement, and I believe that very soon, we should be able to give you some good news on the outcome of Trafigura. We are clearly on top of it. The Attorney General has been to the UK to help resolve the matter in the best possible way, which would be mutually beneficial to all parties involved.”
Last week, Ghana’s High Commissioner to the UK and Ireland, Papa Owusu-Ankoma, disclosed that the Ministry of Finance has made significant progress in settling. He expressed his optimism that Ghana could avoid the sale of assets to cover the debt due to the progress made.
Nevertheless, amid these negotiations, former Energy Minister Dr. Kwabena Donkor has called for a presidential inquiry into the matter. He believes that the explanations provided thus far are insufficient and argues that a full-scale presidential investigation, along with a parliamentary probe, could help Ghana learn from this situation and hold errant officials accountable.
Dr. Donkor explained, “I call for two inquiries – one at the level of the presidency. The president must institute an internal inquiry to unravel what led to this. Cabinet is advisory to the president, and not the final decision-maker in terms of executive power. Another inquiry at the level of the legislature is essential, as the decision to terminate the agreement was made by the executive, and the legislature has oversight responsibility over the executive.”
These inquiries, he believes, will help Ghana understand the situation better and prevent similar occurrences in the future.