<\/p>\n
Ghana\u2019s Attorney General, Godfred Yeboah Dame, has disclosed that the nation narrowly escaped a potential economic crisis by successfully defending against arbitration claims amounting to nearly $9 billion over the past four years.<\/p>\n
Had these claims been upheld, they could have inflicted severe economic damage on Ghana.<\/p>\n
Speaking at the Public Sector Lawyers Conference in Accra on Tuesday, November 5, Mr Dame detailed several high-stakes arbitration cases, underscoring the significant financial burden Ghana would have faced if the outcomes had been unfavourable.<\/p>\n
He noted that the dismissal of these claims was crucial to preserving Ghana\u2019s economic stability.<\/p>\n
\u201cThese claims, if upheld, would have destabilized our economy,\u201d he stated, emphasizing the pivotal role of robust legal defence in protecting the nation\u2019s financial health.<\/p>\n
\u201cWhilst arbitration is started to ensure neutrality, privacy and efficiency in the adjudication of disputes, arbitral claims filed against the government, if not diligently managed, have the tendency to collapse the entire Ghanaian economy.<\/p>\n
\u201cA single arbitral claim, if successful, can bring the economy of a developing country such as Ghana to its knees. In point of fact, over the past four years, the value of arbitral claims against the Republic of Ghana has been in excess of $9 billion.<\/p>\n
\u201cI will cite a few examples to illustrate the point. One such case was the financial claim by ENI Viton against Ghana, which was initially $7 billion and subsequently reduced to $915 million after Ghana successfully challenged the proceedings in court. In fact, any of these amounts could have collapsed the Ghanaian economy.\u201d<\/p>\n
\nNo individual or organisation is above the constitution \u2013 AG<\/p>\n<\/blockquote>\n