Ghana's High Commissioner to the UK and Ireland, Papa Owusu-Ankoma, has provided an update on the Ministry of Finance's efforts to resolve the $140 million judgment debt owed to Singaporean commodity trading firm, Trafigura.

He stated that there has been substantial progress made in reaching a settlement for the debt.

Notably, the property known as Regina House, which serves commercial purposes and had been seized by Trafigura, will not be sold to offset a portion of the debt.

“We will not get to that stage where these assets will be sold to defray the debts, because of progress made on reaching a settlement”, he stressed.

On November 2, 2023, he appeared on PM Express Business Edition in London with host George Wiafe.

Although Mr. Owusu-Akomah acknowledged that the circumstances leading to Trafigura's action were regrettable, he insisted that every effort is being made to address the matter.

Background

In January 2021, Trafigura, a Singaporean commodities trading company and majority owner of GPGC, a power company, secured an award following a tribunal ruling in England.

The tribunal determined that Ghana had unlawfully terminated a contract for the installation and operation of two power plants.

Subsequently, on November 4, 2021, the Court granted Trafigura permission to enforce the award in a manner similar to a judgment of the High Court.

Following this development, on May 17, 2022, Trafigura initiated an application for charging orders pertaining to five properties in London in which Ghana held either freehold or leasehold interests.

However, Deputy Attorney General Alfred Tuah-Yeboah, in an interview with Joy News, revealed that the government had already directed the Finance Ministry to take measures to settle the debt.

According to him, the Finance Ministry had reached an agreement with the judgment creditors regarding the method of payment for the approximately $140 million debt.

While an initial partial payment was made, the Deputy Attorney General acknowledged that the state had failed to uphold its commitment to adhere to the installment agreement.

Has the action affected Ghana’s High Commission?

Mr. Owusu-Ankomah rejected claims that the development has brought work at Ghana’s High Commission to a “Stand Still”.

“Whatever that happened has not affected work or the services that we are offering here in London and UK”, he said.

He clarified that the Ghana International Bank which operates from the Regina House has not been affected.

Mr. Owusu-Ankomah however acknowledged that the news is unfortunate.

Ghana UK Trade Relations

Touching on trade issues, Mr. Owusu Akomah said there has been some progress in trade between Ghana and the UK.

He advised Ghanaian businesses seeking to partner with investors in the U.K to take advantage of the opportunities designed by government to foster bilateral relations.

He pointed out that Ghanaian business owners can take advantage of technical assistance provided by the U.K government.

IMF programme and UK relationship

Speaking about the IMF program, the High Commissioner stated that the United Kingdom had unfrozen a portion of its financial assistance to Ghana as a result of signing on to the program.

He gave his word that the High Commission will keep pushing British investors to collaborate with Ghanaian companies.