• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Judgment Debt: US Court Enforces $111.5 Million Award Against Ghana in GPGC Case

12 months ago
in Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
1
558
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Judgment Debt: US Court Enforces $111.5 Million Award Against Ghana in GPGC Case

The District of Columbia Court has handed down a significant ruling against the Ghanaian government, ordering it to pay $111.5 million, along with post-judgment interest, to the Ghana Power Generation Company (GPGC).

The decision comes after Ghana failed to comply fully with a UK tribunal’s 2021 award, which found the West African nation in breach of a power purchase agreement.

The UK tribunal had originally awarded GPGC $134.3 million in damages after Ghana unilaterally terminated the agreement in February 2018. The Ghanaian government argued that the termination was justified due to the foreign power company’s alleged failure to meet contractual obligations.

However, the tribunal ruled otherwise, calculating the damages based on an Early Termination Payment formula in the contract and including interest at six-month USD LIBOR plus 6%, as well as arbitration fees.

Despite the ruling, Ghana made only partial payments, leaving a substantial balance unpaid. GPGC, seeking enforcement of the award, turned to the U.S. District Court in January 2024 under the New York Convention, which governs the recognition and enforcement of foreign arbitral awards.

The court served notice to Ghana’s Minister for Foreign Affairs, Shirley Ayorkor Botchwey, but the Ghanaian government failed to respond by the court’s deadline.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Chief Judge James E. Boasberg, in his August 6 memorandum, affirmed the court’s jurisdiction, citing the New York Convention and noting that Ghana had explicitly waived its sovereign immunity by agreeing to international arbitration in the original contract.

While the judge declined to award pre-judgment interest, the decision to impose post-judgment interest adds to Ghana’s financial obligations at a time when the country is already grappling with significant economic challenges.

This ruling underscores the risks associated with international arbitration for sovereign states and highlights the growing financial pressures on Ghana as it navigates its obligations under global legal frameworks.

Comments 1

  1. Dr. Yaw A. TWIMASI says:
    12 months ago

    Brethren, this JUDGEMENT DEBTS illustrate the CREATE, LOOTE AND SHARE CORRUPTION PERCEPTION INDEX OF GHANA 🇬🇭, as demonstrated by both major political parties, NPP & NDC.
    I fervently hope, pray and believe that this VITAL ELECTIONS 2024 on December 7. will definitely bring in a new THIRD FORCE PARTY LEADERS, that could salvage, GHANA’S socio- economic crisis and socio political challenges and hardships by punishing all culprits found GUILTY OF MALFEASANCE, STEALING, PILFELING, MALPRACTICE AND MISAPPROPRIATION OF GHANA’S HARD EARNED INCOME or earnings!!!

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.