Business News of 2014-01-31

ICC to set up arbitration centre in Ghana

The International Chamber of Commerce (ICC) has revealed plans of establishing an arbitration centre in Ghana for businesses in Ghana and government.

ICC is a wing under the International Court of Arbitration that provides a forum for businesses and other organizations to examine and better comprehend the nature and significance of the major shifts taking place in the world economy.

Speaking to Citi Business, the Secretary General of ICC Ghana, Emmanuel Doni-Kwame said “we all draft contracts but we hardly have time to even understand what we are engaging ourselves in.

The common practice is you have a contract with a foreign partner whereby it is indicated in the contract that in case of any dispute it has to go to arbitration, the hearing will be done in Europe or the US and these things are usually quite expensive, not only private business entities but the state too”

Ghana will become the 136th country to join the global group that also seeks to promote international trade.

The ICC is made up of more than one hundred thousand businesses, individuals and chambers of commerce.

Mr. Doni-Kwame said his outfit is keen on launching the Ghana branch on 11th March 2014 and “our focus is to have a way of educating the business community on some of the rules that are developed at the ICC and also to making sure that our inputs in the drafting of most of these rules.”

Ghana currently is only active in two of the twelve commissions at the ICC, in the court of arbitration and the banking commission.

One of the prominent lawyers at the court acting on behalf of Ghana is Ace Ankomah.

Meanwhile a Policy Manager, Banking Commission at the ICC David Bischof also told Citi Business this could also bring enormous benefits to Ghana’s banking sector.

“The banking commission produces rules for traditional trade finance business such as letters of credit and producing rules means all our six hundred members and members from Ghana will be included and they have the right to express their views on these rules. These rules are not set in stones, they are democratically voted, drafted by a drafting group so ones Ghana and the Ghana Banking Commission are a member they can be part of the production of the rules.”

The International Chamber of Commerce was founded to promote international trade and investment as vehicles for peace and prosperity.

According to the ICC its success in fulfilling that role for nearly a century has contributed to rising prosperity in the world; its work has also established a reputation which remains the organization’s most valuable legacy.