- The Bank of Ghana (BoG) has won an international arbitration against Sibton Switch Limited
- Sibton Switch is expected to pay the BoG an amount of $478million
- The money will be in respect of its legal fees and costs of the arbitration
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The Bank of Ghana (BoG) has won an international arbitration of $478million against Sibton Switch Limited.
The case which was judged under the London International Court of Arbitration (LCIA) ordered Sibton Switch to pay BoG in respect of its legal fees and costs of the arbitration.
The BoG disclosed its legal victory over Sibton Switch Systems Limited in a statement issued on Wednesday, August 25, 2021.
According to a report filed by Graphic.com.gh, on April 9, 2018, Sibton Switch filed a Request for Arbitration with the LCIA against BoG for breaching the contract.
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On the appointment of a new Management of the Bank of Ghana, after the 2016 elections, it became necessary to review the terms of the contract entered into by the previous administration.
The new Management of BoG reached the conclusion that Sibton had not acquired the license nor fulfilled the condition for the effectiveness of the rights and obligations of the parties.
Sibton Switch then went to the LCIA seeking relief in the sum of USD 478 million from the respondent, Bank of Ghana.
The contract awarded to Sibton Switch was one-sided in favor of Sibton Switch and was severely detrimental to the interests of the Bank of Ghana.
In addition, the tender price of Sibton Switch was more than 33 times more expensive than the next most expensive bid.
Elections are won on the ground
Away from banking, the 2020 Presidential Candidate of the National Democratic Congress (NDC), John Dramani Mahama, has reaffirmed the saying that elections are won on the grounds.
According to him, elections are not won in the Supreme Court as that would be merely impossible.
In a report filed by Citinewsroom, Mahama said the party has learned its lessons following the controversial loss in the 2020 elections.
Speaking to party executives and supporters on his Thank you tour at Bolgatanga in the Upper East region, former president Mahama said that come 2024, the NDC would ensure that they win on the ground and avoid going to the Supreme Court for redress.