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Herbert Krapa appointed as Ghana’s minister for energy

President Nana Addo Dankwa Akufo-Addo has appointed Mr. Herbert Krapa as the new Minister for Energy, effective Tuesday, November 19, 2024. This appointment follows Mr....
HomeNewsGhana’s legal defences prevent $9 billion arbitration impact on economy

Ghana’s legal defences prevent $9 billion arbitration impact on economy

Ghana’s Attorney General, Godfred Yeboah Dame, announced that the country narrowly averted an economic crisis by successfully defending against arbitration claims totalling almost $9 billion over the last four years.

Speaking at the Public Sector Lawyers Conference in Accra on Tuesday, November 5, Mr. Dame underscored that the impact of these claims, if upheld, would have placed a tremendous burden on Ghana’s economy.

He stressed that effective legal strategies were pivotal in ensuring Ghana’s economic stability, stating, “A single arbitral claim, if successful, can bring the economy of a developing country like Ghana to its knees.”

Among the high-profile cases, Mr. Dame cited a $7 billion claim from ENI Viton, ultimately reduced to $915 million following a successful challenge by Ghana in court.

These arbitration dismissals highlight the crucial role of public sector lawyers in safeguarding the nation’s finances, Mr. Dame noted, adding that diligent management in legal disputes is essential for protecting developing economies from potentially destabilising financial liabilities.