Energy giant Trafigura has informed Ghana’s Finance Minister, Dr. Mohammed Amin Adam, of its plans to seize the country’s assets in South Africa following the government’s failure to settle a $134 million judgment debt. The debt stems from Ghana’s termination of a power purchase agreement with Trafigura’s subsidiary, Ghana Power Generation Company (GPGC), in 2018.
In its letter, Trafigura warned that further punitive actions would be implemented if Ghana continues to delay the settlement. This comes just weeks after the company placed Regina House, a key Ghanaian property in London, under receivership due to the outstanding debt.
The dispute originated from a 2021 ruling by a UK tribunal, which found that Ghana breached its contractual obligations by prematurely terminating the agreement with GPGC. The tribunal awarded Trafigura $134.3 million in damages, but despite partial payments, the majority of the debt remains unpaid. In 2024, a US court also awarded Trafigura an additional $111.4 million in interest, which has yet to be paid.
Michael Blackson “Ghana Stole the money I invested to keep my free school going”
Trafigura has initiated enforcement actions in South Africa and indicated plans to issue subpoenas to US-based corporations linked to the Ghanaian government. While the company had hoped for an amicable settlement, it has urged the government to execute the agreed-upon payments without further delay.
[…] Trafigura Threatens to Seize Ghana’s Assets in South Africa Over $134 Million Judgment Debt […]