Minority: Former Energy Minister, govt officials created financial loss to Ghana

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The National Democratic Congress (NDC) Minority Caucus in Parliament on Friday accused the Government of allowing former Energy Minister Boakye Agyarko and other government officials to go scot-free for reportedly terminating a contract that resulted in Ghana being asked to pay $164 million as judgment debt.

The contract, they said, was an Emergency Power Agreement between the Government of Ghana and the Ghana Power Generation Company (GPGC) Limited against experts’ advice, which resulted the International Court of Arbitration ruling against the Government of Ghana and further being ordered to pay the amount.

Minority Leader Haruna Iddrisu, who was represented by former Deputy Energy Minister John Jinapor, said the International Court of Arbitration ruled against the Government of Ghana over the termination of an Emergency Power Agreement with GPGC Limited.

It thereafter ordered the Government of Ghana to pay the full value of the early termination in the amount of $134,348,661 as well as the accrued interest of $30,000,000 and other related costs of US$ 3,309,877.74 at the rate of Libor for three-month US dollar deposits.

Mr Iddrisu noted that the ruling comes in the wake of a struggling economy already choking with huge and unsustainable debt, and that the order would “only contribute largely to the suffering of the ordinary Ghanaian and also jeopardise our future international agreements.

The Leader called for government officials involved in the illegal termination of the contract to be held responsible, and punished accordingly.


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