Attorney General Godfred Yeboah Dame has revealed that Ghana narrowly avoided a severe economic setback by successfully defending against arbitration claims totaling nearly $9 billion over the last four years.
If these claims had been successful, they could have imposed a crippling financial burden on the country.
Speaking at the Public Sector Lawyers Conference in Accra on Tuesday, November 5, Mr. Dame highlighted several high-stakes arbitration cases, emphasizing the critical role of Ghana’s legal team in averting potential economic instability.
“These claims, if successful, would have destabilized our economy,” he remarked, underlining the importance of strong legal defenses in safeguarding Ghana’s financial well-being.
He explained that while arbitration is intended to ensure neutral, private, and efficient dispute resolution, such claims against the government, if not carefully managed, could have devastating economic consequences.
“A single arbitral claim, if successful, can bring the economy of a developing country like Ghana to its knees. In fact, over the past four years, the total value of arbitral claims against Ghana has exceeded $9 billion.”
To illustrate, the case of ENI/Vitol sought $7 billion from Ghana, which was later reduced to $915 million after Ghana successfully contested it in court. Any of these amounts could have severely impacted the nation’s economy.
