Finance Minister-designate Ken Ofori Atta has said that the government is aware of the impact of judgment debt payment on the local economy.
He said during his vetting by the Appointments Committee of Parliament Thursday March 25 that the this is a leakage that the government is working to deal with.
Asked by Tamale South Lawmaker Haruna Iddirsu what he will do to deal with the menace, he said “I think we have tried very hard to renegotiate after the court judgment. It is a leakage that we are aware of that we will like to [seal].
The Akufo-Addo administration was recently face with judgement debt.
The International Court of Arbitration awarded a cost of $134 million and an interest of $30 million against the Government of Ghana over the cancellation of an Emergency Power Agreement with GCGP limited under the former Energy Minister Boakye Agyarko as part of several other energy contracts cancelled by the NPP on the basis that the country did not need those power agreements.
The ruling by the International Court of Arbitration ordered the government to Ghana to pay to “GPGC the full value of the Early Termination Payment, together with Mobilization, Demobilization and preservation and maintenance costs in the amount of US$ 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%).”
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SOURCE: ATLFMNEWSONLINE
