Ghana Faces Sale of UK Property Amidst Trafigura Judgment Debt [Photos]

Trafigura Judgement Debt: The Impact and Implications for Ghana’s property in the UK.

The Government of Ghana (GoG) is currently grappling with the potential loss of some of its properties in the United Kingdom (UK) after a $140 million arbitral award was issued to GPGC, a subsidiary of the international commodities company Trafigura. This award stems from the termination of a power deal in 2021.

At least five properties owned by the GoG in the UK have been attached to this judgment, with Trafigura granted the authority to sell them in order to recoup the court-ordered payment from Ghana.

Papa Owusu Ankomah, the High Commissioner of Ghana to the United Kingdom (UK), confirmed that these properties are at risk of being sold due to Ghana’s failure to meet its judgment debt to Trafigura. Out of the five properties attached to the judgment, only one is likely to be sold, and it goes by the name of Regina House, which is primarily used for commercial purposes.

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Regina House, situated in Central London, is a six-story building entirely owned and managed by the government of Ghana. Currently, the property is leased by the Ghana International Bank, two other banks, and an additional commercial entity.

The remaining properties, including the High Commissioner’s residence, the High Commission, and the chancery, serve diplomatic purposes and benefit from diplomatic immunity, safeguarding them from the judgment’s impact.

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The potential sale of Regina House and the associated financial loss underscore the pressing financial challenges faced by Ghana and the consequences of unresolved international disputes. It also highlights the importance of adhering to contractual agreements in international business dealings to avoid costly judgments and property seizures.

As Ghana navigates this complex situation, it remains to be seen how the government will respond and work towards a resolution that minimizes the impact on its assets and resources.

Ghana Faces Sale of UK Property Amidst Trafigura Judgment Debt [Photos Above]

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