Ghana’s assets in South Africa is under threat of been taken over by Oil conglomerate Trafigura GPGC if government does not settle the $134 million judgment debt in favour of the company.
Already the company has taken over Ghana’s most important commercial property in London the Regina House, in full control over revenues accruing from the property, following the failure of the government to pay the money.
The judgement debt is due to the government’s termination of a power purchase agreement, with Trafigura which led to a legal dispute. For four years, Trafigura been chasing the payment from the government, to no avail.
The company secured a U.S. court judgment that awarded it an additional $111.4 million in interest, which remains unpaid.
In a petition to the Finance Minister, Dr. Mohammed Amin Adam, dated September 23, 2024, the energy firm requested an immediate settlement and warned of further legal action to recover the funds if the government fails to comply.
