Dr. Bawumia and BOG should be applauded in Sibton Switch saga – Adom-Otchere

The Vice President, Dr. Mahamudu Bawumia and the management of the Bank of Ghana must be lauded in saving the country a lot of money in the Sibton Switch case, host of Good Evening Ghana, Paul Adom-Otchere has said.

Good Evening Ghana host, Paul Adom-Otchere

According to him, the role Dr. Bawumia played in the BOG’s win against the $478 judgement debt by Sibton should be applauded.

In an editorial on his show, Mr. Adom-Otchere said the termination of the initial contract by Dr. Bawumia and the BOG Governor, Dr. Addison saved the country over $2.5 billion dollars.

“The BOG was being asked to pay $2.6 billion and now it has been delivered at $4.6 million dollars. The difference in there is $2.5 billion, I don’t know how you want to make of it”, he said.

The Bank of Ghana won an international arbitration where Sibton Switch Limited was seeking $478 million.

The case at the London International Court of Arbitration (LCIA) also saw Sibton Switch being ordered to make a substantial payment to the Bank in respect of its legal fees and costs of the arbitration.

Sibton Switch took Ghana’s Central Bank to the court in relation to the termination of the Master Agreement for the Ghana Retail Payment Systems Infrastructure in 2017 by the bank.

Sibton Switch Systems was earlier awarded a contract to enhance interoperability in mobile money transactions across telecom networks by the Bank of Ghana at the cost of GHS 4.6 billion.

Watch his editorial below

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