Ghana will be paying over $200 million dollars to Ghana Power Generation Company (GPGC) after a court in London awarded $170 million against Ghana in a matter that has to do with termination of energy agreement, a private legal practitioner Bobby Banson has said.
“This judgement debt is not even $170 million, if you add the interest, you add the legal fees it is in excess of 200million and we will pay. We can use that money to set up another bank. So we go for a loan to pay a debt.”
Speaking on the Key Points on TV3 Saturday June 26 2021, monitored by Mynewsafric.com, Mr. Banson noted that government is going to pay interest on the $170million and also the legal fees the company paid to its lawyers to handle the case, not the substantive cost awarded the claimants as reported by most main stream media in the country.
A Commercial Court in London has instructed Ghana to pay $170 million in damages to the Ghana Power Generation Company (GPGC). The order followed the court’s rejection of late appeal by the Ghana government to set aside a $134 million judgement debt awarded in favour of GPGC.
Commenting on the judgement debt Mr. Banson said “The only reason they (government of Ghana) gave is because of excess capacity and now, somebody turns around and says that beyond that, I am giving the advice that terminate the contract because they have not met conditions precedent, that is not enough justification to do that”
The private legal practitioner has also expressed worries over the fact that the country just returned from the market with $200 million loan to set up a bank, Development Bank Ghana (DBG).
“I am worried particularly because we just went to the market to borrow 200million to set up a bank“.
