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The Cancellation of GPGC's Power Agreement has cause Ghana huge $134m Judgment Debt

The Ghana Power Generation Company (GPGC) send the matter to the International Court of Arbitration and during the sitting of the court, they have awarded an amount of $134 million and additional interest of $30 million against the Government of Ghana over the cancellation of an Emergency Power Agreement with GPGC limited.

They cancelled this agreement because they realized that it is not of use to the country or did not need those power agreement. This contract was cancelled under the former Energy Minister Hon. Boakye Agyarko as part of other energy contracts cancelled by the New patriotic Party.

The government of Ghana has been ordered by the International Court of Arbitration to pay amount stated above to GPGC." The full value of the Early Termination will be pay to the company, together with Mobilization, Demobilization and preservation and maintenance costs in the amount of US$134,348,661, together also with interest thereon from 12 November, 2018 until the date of payment, accruing daily and compounded monthly, at rate of LIBOR for six-month US dollar deposits plus six percent (6%)"

The Ghana Government who has been ordered to pay Ghana Power Generation Company Limited an amount of "US$ 309,877,74 in respect of the Cost of the Arbitration and addition with US$ 3,000,000 in respect of GPGC's legal representation and the fees and expenses of its expert witness, together with interest on the aggregate amount of US$ 3,309,877.74 at the of LIBOR for three solid month US dollar Deposits, compounded quarterly". Our mother land Ghana has been in a debt due to somebody careless.

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Ghana Ghana Power Generation Company International Court of Arbitration LIBOR Power Agreement


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