The Attorney General of Ghana, Godfred Yeboah Dame, revealed that the country was nearly on the verge of losing $9 billion due to arbitration claims against the government in the past four years. He emphasized that this significant amount could have severely impacted the nation’s economy, but fortunately, all claims were ultimately dismissed in Ghana’s favor.
During the Public Sector Lawyers Conference in Accra on November 5, 2024, he noted, “Over the past four years, the value of arbitral cases against the Republic has exceeded $9 billion. For example, ENI Viton initially claimed $7 billion against Ghana, which we successfully challenged, reducing the claim to $915 million. Any of these amounts could have collapsed the Ghanaian economy.”
Dame cited several arbitration cases, including disputes with the International Finance Corporation (IFC) over investments in Ghana’s energy sector, a case involving the Ghana National Petroleum Corporation (GNPC) and Aker Energy regarding an exploration agreement, and a dispute with Kosmos Energy over tax provisions in an offshore oil exploration contract.
He stressed the need for reform in Ghana’s arbitration laws, calling for a thorough review of how the state manages contracts and civil claims. “We must reform the laws governing arbitration and civil claims against the state,” he urged.
