Audio By Carbonatix
Lawyer and member of the National Democratic Congress, Inusah Fuseini says former Energy Minister, Boakye Kyeremanteng Agyarko knew the consequences associated with the termination of the power contract with GCGP Limited.
His statement follows Mr. Agyarko's claims of not being responsible for the termination after an amount of $134 million judgment debt was slapped on Ghana.
According to Mr Fuseini, Boakye Agyarko championed the termination before the floor of Parliament by arguing that if government were to carry out the contract, the country would be paying for energy it did not need.
“It is beyond question that Boakye Agyarko didn't know that it would have an adverse financial effect on the country. He knew. He knew that it would have a financial impact. We knew. Boakye Agyarko knew. There is no doubt about it,” Inusah Fuseini stressed.
However, the former Energy Minister in his defence explained that at the time of the cancellation of the deal, he was no longer serving in the position of Energy Minister.
“I just realized that they had filed for arbitration on August 11, 2018. This was after I had left the ministry. I never knew they had gone for arbitration. I am told that the government presented itself at the arbitration.
"How would someone accuse me of canceling the contract? I have not canceled any contract; I don’t have the power nor the need or desire to cancel it. I am for what will help Ghana,” he said.
Ghana’s power agreement with the GCGP Limited was initially signed under the erstwhile John Mahama administration with the intention to offset power outages that plagued the country at the time.
The Contract was however canceled under the former Energy Minister as part of several other energy contracts canceled by the NPP on the basis that the country did not need those power agreements.
The agreement was reportedly terminated by Mr. Agyarko during the first term of the Akufo-Addo government, on the basis that the nation was incurring losses from the agreement.
Following the cancellation of the agreement, the company filed a suit against Ghana at the International Court of Arbitration seeking damages for the cancellation.
The ruling by the International Court of Arbitration ordered the government of Ghana to pay to “GPGC the full value of the Early Termination Payment, together with mobilization, demobilization and preservation and maintenance costs in the amount of US$ 134,348,661, together also with interest thereon from 12 November 2018 until the date of payment, accruing daily and compounded monthly, at the rate of LIBOR for six-month US dollar deposits plus six percent (6%).”
The Government of Ghana was also to pay GPGC an amount of “US$ 309,877.74 in respect of the Costs of the Arbitration, together with US$ 3,000,000 in respect of GPGC’s legal representation and the fees and expenses of its expert witness, together with interest on the aggregate amount of US$ 3,309,877.74 at the rate of LIBOR for three-month US dollar deposits, compounded quarterly.”
Latest Stories
-
Cryptocurrency regulation: BoG, SEC must collaborate closely to align risk assessments – IMF
25 minutes -
Congo’s Ebola outbreak has killed more than 4,000, government data shows
36 minutes -
Ethiopian rebel forces withdraw from Tigray regional capital
44 minutes -
All set for 7th Ghana Credit Excellence Awards 2026 on October 10
47 minutes -
Why pastors may not be seen – or heard – preaching on buses for much longer
55 minutes -
Oil slips as Middle East crude exports rise, G7 to release stocks
1 hour -
France to step up Ebola funding in Congo amid resurgence fears, minister says
1 hour -
Djokovic beats Zverev to reach China Open semis
1 hour -
Brazil election goes to run-off as right-wing Flávio Bolsonaro wins first round
2 hours -
Modric ‘ashamed’ of Croatia’s ‘catastrophic night’
2 hours -
Klopp’s mixed start continues as Germany held
2 hours -
The job interview question you don’t have to answer
2 hours -
Trump unveils ‘Super Intelligence Force’ to oversee AI policy
2 hours -
Zirkzee gives Netherlands win as van Dijk joins 100 club
2 hours -
Haaland injury worry as Norway lose in Portugal
3 hours