Oil giant Trafigura has petitioned Ghana’s Finance Minister, Dr. Mohammed Amin Adam, over an outstanding judgment debt, threatening to seize Ghana’s assets in South Africa if the debt remains unpaid. This follows Trafigura’s earlier seizure of one of Ghana’s commercial properties, Regina House in London, after the government failed to settle a $134 million debt related to the termination of a power purchase agreement.
The dispute dates back to 2018, when Ghana terminated a contract with GPGC, a power company linked to Trafigura. In 2021, a UK tribunal ruled that Ghana breached its contractual obligations and awarded GPGC $134 million in damages. Despite this ruling, Ghana has only made partial payments, leaving a significant balance.
Trafigura has spent the past four years seeking payment, recently securing a U.S. court judgment that added $111.4 million in interest to the debt. In its petition submitted on September 23, 2024, the company expressed frustration over Ghana’s delays and warned of further legal action if the debt remains unresolved.
In January 2024, GPGC filed a case in the U.S. District Court to recover the outstanding debt, and the court ruled in its favor after Ghana failed to respond. This ruling, which added post-judgment interest, has increased the financial strain on Ghana, complicating efforts to settle the debt.
