Bankswitch controversy: ‘Duffuor not liable for contract abrogation’

General News of Tuesday, 23 June 2015


Dr Kwabena Duffour Fmr MinisterDr Kwabena Duffuor, former finance minister

Financial analyst Kudzo Akpabey has denied reports that he has accused former finance minister Dr Kwabena Duffuor for the cancellation of the controversial Bankswitch contract.

The outspoken economist is reported to have told some radio stations in Accra that the former governor of the Central Bank and former trades minister Hanna Tetteh should be held responsible for the decision that has resulted in heavy financial burden on the country.

But speaking to Tuesday, Akpabey said he has been reported out of context.

“I never mentioned names and I never said Dr Duffuor is responsible for the cancellation of the contract.

“In fact Dr Duffuor played a key role in mobilising revenue for the state and I was with him throughout that exercise.

“I said the two ministries abrogated the contract but I was referring to certain individuals within the ministries not the ministers,” Akpabey stated.

Bankswitch took the government of Ghana to the Permanent Court of Arbitration in The Hague demanding damages of ?853 million for the illegal abrogation of a contract it signed with Ghana 2007.

The Ministry of Finance entered into an agreement with the company for the provision of a customers’ valuation software for the Customs Division of the Ghana Revenue Authority, to help with revenue mobilization but it failed to carry through with the contract.

The court agreed with the arguments of the plaintiff and ruled the contract was wrongfully abrogated. The court therefore awarded damages in excess of ?197 million.