Ghana’s High Commissioner to the United Kingdom, Papa Owusu Ankomah, expressed his embarrassment over Ghana’s judgment debt payment to Trafigura, a Singaporean multinational commodities-trading company.

A UK court awarded a $140 million arbitral judgment against Ghana for the termination of a power deal with Ghana Power Generating Company (GPGC), the majority owner of Trafigura. As a result, the Ghana International Bank building, the Ghana High Commission’s building in the UK, the commissioner’s residence, and other Ghanaian properties are at risk of being sold to offset the debt.

The court ordered Ghana to make full payment of the Early Termination Payment, plus interest, and cover the costs of the arbitration and legal fees of GPGC, amounting to over $3 million.

Although part payment was made, the state was unable to meet the installment payment plan, and Trafigura now has the power to sell Ghana’s assets in the UK to recover the money owed.

Papa Owusu Ankomah emphasized that only one of the properties, Regina House, which is used for commercial purposes, has been attached. All other properties are diplomatic properties and are covered by immunity.

He noted that the government is taking steps to resolve the debt situation. He described the situation as embarrassing and expressed confidence that the Ministry of Finance is working to negotiate the debt’s settlement.

He assured that diplomatic properties would not be immediately affected by the debt recovery process and that arrangements are being made to manage the situation until the debt is recovered.