After the Government of Ghana failed to fully adhere to a previous tribunal ruling from the United Kingdom, a District of Columbia Court in the United States has imposed a judgment debt of $111,493,828.82 against Ghana, in favor of the Ghana Power Generation Company (GPGC). The court, in issuing a Default Judgment in GPGC’s favor, also mandated that Ghana pay post-judgment interest.
The court directed the government to fully settle the Early Termination Payment of $134,348,661, including the costs associated with “Mobilisation, Demobilization, and preservation and maintenance.” Additionally, Ghana was ordered to cover all accumulated interest on the payment. The ruling also required the government to pay over $3 million in arbitration costs and legal fees incurred by the Ghana Power Generation Company (GPGC).
The judge denied GPGC’s request for pre-judgment interest, but the court ruled that post-judgment interest would be applied at the rate outlined in U.S. law, further increasing the financial obligations on Ghana.
SOURCE https://dew360.net
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