We’re aware of judgement debt leakage, govt will seal it – Ofori-Atta

Finance Minister-designate Ken Ofori-Atta has said his outfit is working around the clock to address issues of judgement debt payment.

According to him, the government is aware of the negative impact of judgement debt payment on the local economy hence working to deal with it.

Mr Ofori-Atta said this on, Thursday, March 25, 2021, when he appeared before the Appointments Committee of Parliament.

“I think we have tried very hard to renegotiate after the court judgement. It is a leakage that we are aware of that we will like to (seal).

The Nana Addo Dankwa Akufo-Addo administration was recently faced with judgement debt.

Ghana has been slapped with $134million judgement debt over the cancellation of the Emergency Power Agreement with GCGP Limited.

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%).”

Former Energy Minister Boakye Agyarko in cancelling the deal said the decision was justified because among other things, GPGC had started construction activities without permits and those activities were illegal.

This is part of several energy contracts cancelled by the New Patriotic Party on the basis that the country did not need those power agreements.