Oil conglomerate Trafigura’s Ghana Power Generation Company (GPGC) has issued a warning to seize Ghana’s assets in South Africa due to the government’s failure to settle a $134 million judgement debt.
This follows the company’s seizure of Ghana’s Regina House, a valued commercial property in London, in August this year, over the same issue.
The judgement debt stems from a UK tribunal ruling on January 26, 2021, which awarded Trafigura $134 million in damages, including interest and arbitration fees, after Ghana was found guilty of breaching its contract with GPGC in 2018.
Despite four years of efforts, Trafigura has not received payment, leading the company to secure a second ruling in U.S. courts, which added an additional $111.4 million in mandatory interest against Ghana.
In a petition sent to Ghana’s Finance Ministry on September 23, 2024, Trafigura expressed frustration over the government’s delays and demanded immediate payment, warning of further legal actions if ignored.
Report by Maxwell Nyangamango
