I am very disappointed in the High Commissioner of Ghana in London today. As Ghana's most senior Diplomat in the United Kingdom (and in some ways the country's eyes and ears there), his advice to govt about this Regina House matter is paramount. Yet, rather than let the whole country understand the gravity of the situation, he seems rather focused on helping the Attorney General spin the real facts on the ground.

1. Regina House was acquired by the Osagyefo from a City of London guild for Ghana Commercial Bank in 1961 to create a banking outpost for Ghana's international business in the UK.

2. The building itself was carved out of different addresses on the corner of Queen Street & the plush, but ironically named, Cheapside in 1939. It is close to iconic locations in the historic City of London such as the Bank of England building. At one point, Barclays was the primary occupier.

3. It was mainly for the use of Ghana International Bank & other state affiliates until 2007 when the govt started to lease portions out to Abbey National, iBasis & Japanese Bank, Chiba.

4. In 2015, Ghana successfully secured a deed of release from the City of London.

5. In 2021, govt of Ghana lost an arbitration dispute with a Trafigura subsidiary that it should not have entered into in the first place. See below for a detailed article. It then went to the High Court to set it aside. But despite an extension of time, it abandoned the case only to return later. The Court dismissed the govt's case & reaffirmed damages of nearly $140m.

6. The govt entered negotiations with Trafigura but failed to abide by its promises. Therefore, in March 2022, Trafigura went to a court in London to grant it a "charging order" against Ghana's properties in London. The Judge issued interim charging orders. The govt had more than a year to prepare before the orders were to be made final in May 2023.

7. The govt didn't bother to show up and ask the Judge to craft the orders in such a way as to allow it to pay in instalments or to delay payment or anything of that sort. It waited until it had been served before mounting another fruitless case questioning why notices were not sent through diplomatic channels. The court dismissed this case too.

8. Regina House was thus placed under receivership, meaning that someone else manages the property, collects the rent, and remits it to Trafigura. Nearly $2 million in rent has been paid out to Trafigura so far.

9. I have checked the title register this evening and confirmed that, CONTRARY TO THE ATTORNEY GENERAL'S CLAIMS, the charging order is STILL ACTIVE. It has NOT been vacated.

10. The High Commissioner's posture suggests complacency and he will be remiss if he fails to acknowledge that a charging order is a step on the ladder of money judgment enforcement. The Judgment Creditor - Trafigura in this case - has the option to proceed to a court & ask for an "Order for Sale". By making it look like there is no cause for alarm he is endangering Ghana's assets.

11. The Attorney General has refused to defend against other enforcement suits in the Netherlands, and most recently the United States. Yet, he gives the impression that all is under control. Meanwhile, the country has paid almost $90 million *haphazardly*, outside an agreed instalment plan, & without negotiating for an interest freeze. Hence, the original debt amount (~$138m) has barely reduced (more than $112m now). What game exactly is this?

12. Ghana has various assets acquired over the years by state-owned enterprises like Cocobod, GCB, and Ghana Consolidated Diamond in the UK & elsewhere that are vulnerable to seizure by Trafigura because they are designated for commercial rather than diplomatic activities.

It is just a question of value and effort. Ghana also has bank accounts all over the world that could be said to be linked to commercial rather than sovereign activity and therefore could be subject to garnishee orders. By creating the impression that there is no risk, the government is playing "chaskele" with Ghana's assets. Please, this is not the time for spin & points scoring. Senior govt officials need to be serious.