Ghana’s Attorney General, Godfred Yeboah Dame, has disclosed that the nation narrowly escaped a potential economic crisis by successfully defending against arbitration claims amounting to nearly $9 billion over the past four years.
Had these claims been upheld, they could have inflicted severe economic damage on Ghana.
Speaking at the Public Sector Lawyers Conference in Accra on Tuesday, November 5, Mr Dame detailed several high-stakes arbitration cases, underscoring the significant financial burden Ghana would have faced if the outcomes had been unfavourable.
He noted that the dismissal of these claims was crucial to preserving Ghana’s economic stability.
“These claims, if upheld, would have destabilized our economy,” he stated, emphasizing the pivotal role of robust legal defence in protecting the nation’s financial health.
“Whilst arbitration is started to ensure neutrality, privacy and efficiency in the adjudication of disputes, arbitral claims filed against the government, if not diligently managed, have the tendency to collapse the entire Ghanaian economy.
“A single arbitral claim, if successful, can bring the economy of a developing country such as Ghana to its knees. In point of fact, over the past four years, the value of arbitral claims against the Republic of Ghana has been in excess of $9 billion.
“I will cite a few examples to illustrate the point. One such case was the financial claim by ENI Viton against Ghana, which was initially $7 billion and subsequently reduced to $915 million after Ghana successfully challenged the proceedings in court. In fact, any of these amounts could have collapsed the Ghanaian economy.”
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