US$140 Million Judgment Debt: Multinational Firm Moves To Seize Ghana Properties In UK Over Debt

• Oil Trading Firm Trafigura could seize some of Ghana's property in the UK to defray a $140 million judgment debt
• The Ghana International Bank building in the UK is part of properties at risk of being sold because of the judgment debt
• Trafigura sued the Ghana government for terminating two power deals in 2021 and was awarded a judgment debt of some $140 million

Oil Trading Company Trafigura could seize some of the Ghana government's property in the UK for auction to defray a $140 million judgment debt.

Joy News reported that the Ghana International Bank building and other properties are at risk of being sold because of the judgment debt.

Trafigura sued the Ghana government for terminating two power deals in 2021 and was awarded a judgment debt of some $140 million by a UK court.

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The Deputy Attorney General, Alfred Tuah-Yeboah, urged the Finance Ministry to treat the issue with some urgency when commenting on the topic to Joy News.

He said the Finance Ministry was working on an agreement to plot a payment plan for the debt.

But delays pushed Trafigura to start eyeing the government’s properties in the UK.

Tuah-Yeboah said the Ministry of Finance has been advised to approach the judgment creditors once again and show commitment to paying the debt.

Judgement debt due West Africa Gas Limited

YEN.com.gh reported in 2022 that the government was ordered by a London Court of Arbitration to pay over $70 million to West Africa Gas Limited.

The government was ordered to pay the money to the company after it terminated its Gas sales agreement dated October 9, 2015, with Ghana for what it says were roadblocks created by the former.

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Judgement debts paid since 2017

Since 2017, the Akufo-Addo government has paid Judgment debts totalling GH¢125 million.

The highest judgment debt was paid in 2018, an amount of 30.9 million cedis paid to Jubilee Tractors and Assembly Plant Limited.

The payments are higher than during the first four years of the Mahama government.

Source: YEN.com.gh