The dispute arises out of the termination by the Claimant, West Africa Gas Limited of a Gas Sales Agreement dated 9 October 2015 made between WAGL and the Government of Ghana.
West Africa Gas Limited: Over $70m judgment debt hits Ghana again
Ghana is preparing to pay over 70 million dollars as judgment debt to West Africa Gas Limited after a ruling by the London Court of Arbitration.
On 1 December 2015, WAGL signed a consultancy service agreement with Siport XXI in relation to the construction of an FRSU Terminal at the port of Tema, and on 10 December 2015, the cabinet considered the approval of the GSA, endorsing the Executive approval granted earlier and requesting some revisions to the GSA.
The West Africa Gas Limited initially sought a Recovery Fee in excess of US$ 1,000,000,000 but subsequently reduced its claim.
At a ruling in January 2021, the London Court of Arbitration declared as follows;
i. The Respondent does pay to the Claimant the sum of US$ 68,584,623.37 as the Recovery Fee under the GSA.
ii. The Respondent does pay the Claimant simple interest on the sum awarded in (i)
above from 22 April 2019 at the annual rate of 6.5% until payment.
iv. The Respondent does pay the Claimant’s Legal and Other Costs in the sum of £200,000.
v. The Respondent does pay the Claimant the Arbitration Costs in the sum of £153,108.88.
v. The Counterclaim is dismissed.
vi. All other claims, including the claim for a declaration and counterclaims are rejected.
Here's the full document on the judgment debt ruling:
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