The Attorney-General’s Office has reaffirmed its commitment to vigorously contesting all international arbitration claims seeking to impose judgment debts on Ghana. This stance is backed by recent successes against Beijing Everyway, Cassius Mining, and Messrs Micheletti Company Limited.
The Office’s resolve is bolstered by the recent outcome of the Eni & Vitol v. Ghana & GNPC arbitration, where the International Arbitration Tribunal issued its Final Award. Significantly, the Tribunal denied the claimants’ request for monetary damages, which had been reduced from an initial $7 billion to $915 million plus interest.
The Tribunal also dismissed all claims against the Ghana National Petroleum Corporation (GNPC), a significant victory for the state-owned entity. Furthermore, the Tribunal rejected the claimants’ request for a declaration that Ghana breached the Petroleum Agreement by not withdrawing or preventing reliance on the Unitisation Directives.
However, the Tribunal found that the Unitisation Directives breached the Petroleum Agreement, as they were issued contrary to applicable regulations. Nonetheless, the Tribunal affirmed Ghana’s right to unitise oil fields for efficient exploitation, a significant affirmation of the country’s sovereign authority.
Regarding fees and costs, the Tribunal ruled that both parties would bear their own legal fees and costs, given that both had achieved partial victories. Reacting to the Award, Attorney-General and Minister of Justice Godfred Yeboah Dame expressed satisfaction with the partial dismissal of claims against Ghana and the complete dismissal of claims against GNPC.
Dame also welcomed the rejection of all monetary compensation claims, saving Ghana a significant financial burden. He acknowledged that while the Tribunal did not entirely dismiss the claims against Ghana, the outcome is still a positive one for the country.
The Attorney-General noted that the Parties must now determine the best way forward, given that unitisation per se is not unlawful, but its manner and circumstances require careful consideration. This outcome demonstrates the Attorney-General’s Office commitment to vigorously contesting international arbitration claims and protecting Ghana’s interests.
The Office’s successes in recent arbitration cases demonstrate its expertise and dedication to defending Ghana’s rights. As the country continues to navigate complex international legal issues, the Attorney-General’s Office remains resolute in its commitment to upholding Ghana’s sovereignty and interests.
In conclusion, the outcome of the Eni & Vitol v. Ghana & GNPC arbitration is a significant victory for Ghana, demonstrating the country’s ability to defend its interests in international arbitration. The Attorney-General’s Office will continue to vigorously contest all international arbitration claims, ensuring that Ghana’s rights and interests are protected.
The Attorney-General’s Office remains committed to upholding Ghana’s sovereignty and interests in international arbitration, building on its recent successes and affirming its reputation as a formidable defender of the nation’s rights.
