Sun. Jul 14th, 2024

Ghanaian Government Releases Funds for Payment of Arbitration Award

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The Ghanaian government has released funds for the payment of an arbitration award to GPGC Limited, a private company. The award was made in favor of GPGC Limited in relation to a dispute over a government contract.The release of funds is a significant development, as it comes after years of delays and legal wrangling. GPGC Limited has been fighting to receive the arbitration award since 2010.The government’s decision to release the funds is a welcome one, and it is hoped that it will send a positive message to foreign investors. Ghana is a rapidly developing country, and it is important that the government is seen as honoring its contractual obligations.The payment of the arbitration award is also a victory for the rule of law in Ghana. It shows that the courts are willing to uphold the rights of businesses, even when those businesses are in dispute with the government.It is unclear how much money the government has released to GPGC Limited. However, the letter from the Ministry of Finance indicates that the amount is GH¢230,598,000.00 (Two Hundred and Thirty Million, Five Hundred and Ninety-Eight Thousand Ghana Cedis). This is equivalent to US$20,000,000.00 at an exchange rate of US$1 to GH¢11.5299.The release of funds is a positive development for both GPGC Limited and the Ghanaian government. It is hoped that this will pave the way for further cooperation between the two parties and help to attract more foreign investment to Ghana.

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