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Finance Minister-designate, Ken Ofori-Atta has said the government of Ghana is working hard to deal with judgement debt on the country.
According to him, the government is fully aware of the impact judgement debt is having on the nation.[ads2]
When asked by Tamale South MP, Haruna Iddrisu on what he will do to tackle the menace, Ken Ofori-Atta said that, “I think we have tried very hard to renegotiate after the court judgment. It is a leakage that we are aware of that we will like to [seal].
He said this to the Parliamentary Appointment Committee during his vetting on Thursday, March 25, 2021.
It would be recalled that, recently the Akufo-Addo led government has been bastardized with judgement debt.[ads3]
The International Court of Arbitration awarded a cost of $134 million and an interest of $30 million against the Government of Ghana over the cancellation of an Emergency Power Agreement with GCGP limited under the former Energy Minister Boakye Agyarko as part of several other energy contracts cancelled by the NPP on the basis that the country did not need those power agreements.[ads4]
The ruling by the International Court of Arbitration ordered the government to Ghana to pay to “GPGC the full value of the Early Termination Payment, together with Mobilization, Demobilization and preservation and maintenance costs in the amount of US$ 134,348,661, together also with interest thereon from 12 November 2018 until the date of payment, accruing daily and compounded monthly, at the rate of LIBOR for six-month US dollar deposits plus six percent (6%).”[ads5]
