{"id":17326,"date":"2024-08-21T10:28:57","date_gmt":"2024-08-21T10:28:57","guid":{"rendered":"https:\/\/expressnewsghana.com\/?p=17326"},"modified":"2024-08-21T11:06:55","modified_gmt":"2024-08-21T11:06:55","slug":"us-court-uncovers-ghana-made-intrinsically-weak-appeals-in-134m-judgement-debt-to-trafigura","status":"publish","type":"post","link":"https:\/\/expressnewsghana.com\/?p=17326","title":{"rendered":"US court uncovers Ghana made \u2018intrinsically weak\u2019 appeals in $134m judgement debt to Trafigura"},"content":{"rendered":"

A U.S. district court document reveals that Ghana\u2019s legal team twice failed to challenge a $134 million judgment awarded to energy firm Trafigura by English courts.<\/strong><\/p>\n

This debt stems from a power purchase agreement between Trafigura\u2019s GPGC and the Ghanaian government.<\/p>\n

The case dates back to January 26, 2021, when a UK tribunal issued a Final Award, finding that Ghana had breached its contractual obligations by terminating the power purchase agreement with GPGC on February 18, 2018.<\/p>\n

The tribunal determined that Ghana owed $134,348,661 as an Early Termination Payment, with an interest rate of six months USD LIBOR plus 6%.<\/p>\n

Additionally, Ghana was ordered to reimburse GPGC\u2019s arbitration fees and expenses, totalling $3,309,877.74, with an interest rate of three-month USD LIBOR, compounded quarterly.<\/p>\n

Despite the ruling, Ghana only made partial payments, amounting to $1,897,692.40, leaving $111,493,828.92 in arrears accruing interest.<\/p>\n

\"\"
Godfred Dame Yeboah, A-G<\/strong><\/em><\/figcaption><\/figure>\n

In a memorandum opinion dated August 6, 2024, Chief Judge James E. Boasberg of the District of Columbia court disclosed that Ghana sought to challenge the UK judgment in American courts after missing deadlines to do so in the UK.<\/p>\n

According to Judge Boasberg, Ghana initially obtained an extension to challenge the Award in the English courts but missed the extended deadline.<\/p>\n

A subsequent request for a second extension was denied, with UK courts deeming Ghana\u2019s grounds for challenge as \u201cintrinsically weak.\u201d<\/p>\n

In response to Ghana\u2019s default, Judge Boasberg has now granted a Motion for Default Judgment in favour of the Ghana Power Generation Company (GPGC), awarding the firm $111,493,828.92 plus mandatory post-judgment interest, further compounding the financial burden on Ghana from the original UK tribunal ruling.<\/p>\n

 <\/p>\n

Source: Myjoyonline<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

A U.S. district court document reveals that Ghana\u2019s legal team twice failed to challenge a $134 million judgment awarded to energy firm Trafigura by English […]<\/p>\n","protected":false},"author":1,"featured_media":17327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[3964],"class_list":["post-17326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world-news","tag-us-court-jdugment-debt-ghana"],"yoast_head":"\nUS court uncovers Ghana made \u2018intrinsically weak\u2019 appeals in $134m judgement debt to Trafigura - Express News Ghana<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/expressnewsghana.com\/?p=17326\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" 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