News
Trafigura ‘seizes’ Ghana’s Regina House in London over $134m judgment debt default

Published
7 months agoon

Joy News can confirm that Oil conglomerate Trafigura’s Ghana Power Generation Company has taken over one of the country’s most important commercial properties, the Regina House in London, following the failure of the government to pay up a $134 million judgment debt.
For four years Trafiguara has been unsuccessful in getting the government of government to pay up the judgement debt awarded to the energy firm after the abrupt termination of a power purchase agreement.
This situation forced Trafigura to secure another Judgement in the United States courts which awarded a mandatory interest on the default of 111.4 million dollars which remains the arrears to be paid by the Republic of Ghana.
Attorney General Godfred Yeboah Dame has told Joy News it is up to the Finance Ministry to expedite action on the payment.
Following the latest Joy News report on the United States District Court ruling, Vice President of Imani Africa Bright Simons took to social media platform, X (Twitter) to state that one of Ghana’s most important commercial properties, the Regina House in London has been taken over by Trafigura following the judgment debt award by a tribunal in the United Kingdom.
According to Bright Simons, information on the seizure is being concealed by the Government of Ghana.
Joy News checks, however, have confirmed that the Regina House which belongs to the Government of Ghana is now under receivership by Trafigura.
Ghana’s High Commission to the United Kingdom, Papa Owusu-Ankomah in an exclusive Interview with Joy News Thursday morning, disclosed that until the bills are settled Trafigura’s GPGC will be in full control over revenues accruing from the property.
Read also: Bright Simons: What Ghana’s latest ‘judgment debt’ says about accountability
He is therefore calling for more negotiations to avert the implications of this compounding interest.
“Until we pay in full or come into an arrangement to pay them,” Papa Owusu-Ankomah told Joy News, Trafigura will remain in control over the receivership of the Regina House and its proceeds, admitting also that “(Ghana) is now facing financial challenges.”
On January 26, 2021, a UK tribunal issued a Final Award after it concluded that Ghana breached its contractual obligations by terminating a power purchase agreement with GPGC on February 18, 2018.
Ghana argued that the foreign power company had failed to meet certain contractual conditions, leading to the termination. However, the tribunal disagreed, awarding GPGC $134,348,661 in damages, calculated based on an Early Termination Payment formula in the purchase agreement.
The award included an interest rate of six-month USD LIBOR plus 6%, and reimbursement of GPGC’s arbitration fees and expenses totalling $3,309,877.74.
Despite the ruling, Ghana only made partial payments totalling $1,897,692.40, leaving a significant outstanding balance.
After unsuccessful attempts to secure the remaining payment from Ghana, GPGC filed a case in the U.S. District Court on January 19, 2024, under the New York Convention and Chapter 2 of the Federal Arbitration Act, seeking to recover the compounding debt.
Court documents reveal that the U.S. court served Ghana with the petition on January 23, 2024, through Shirley Ayorkor Botchwey, Ghana’s Minister for Foreign Affairs and Regional Integration.
The documents were delivered in Ghana on January 29, 2024, with a signed confirmation of receipt.
However, Ghana failed to respond by the March 29, 2024 deadline and did not appear in the court.
The court determined that it had jurisdiction over the case, citing the New York Convention, which the U.S. has ratified, recognising UK arbitral awards.
The court also noted that Ghana had expressly waived its sovereign immunity and committed to international arbitration under the power purchase agreement.
In his August 6, 2024, memorandum opinion, Chief Judge James E. Boasberg emphasised that the arbitral award between the non-U.S. parties arose out of a commercial relationship, which falls under the New York Convention.
The Convention requires that member states recognise and enforce such awards, regardless of the parties’ citizenship or location.
While the judge did not grant pre-judgment interest to GPGC, the court will award post-judgment interest at the rate specified in U.S. codes, adding to the financial burden on Ghana. – myjoyonline.com
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Since the institution of the Heritage Month celebration in Ghana, it has offered citizens opportunities of a lifetime to learn about their cultures and lifestyles.
Ghana’s version is observed in the month of March, coinciding with the country’s Independence Day celebrations on March 6.




Show host, George Sappor in full
regalia as a traditional leader


outfit to mark Independence Day and
Heritage Month. She usually does it with
husband and best friend, Kofi Aduonum
but in his absence, she maintained the
poise to attract the atte
Heritage Month features festivals, food fairs, arts, crafts, and music events to highlight the economic and social value of preserving national heritage.
Though a brainchild of the Ghana Tourism Authority (GTA), the celebration has been driven to greater heights by local media with the organisation of several events to create the needed euphoria.


at Original TV gave
culture a touch of ‘old
school’ in her presentation
last Tuesday to wow
her audience as part of
the station’s Heritage
Month celebration
Among the events are the Heritage Caravan and Back To Your Village Food Bazaar powered by Accra-based Citi FM and Citi TV, Wear Ghana Festival and the Gɔbɛ festival powered by 3News.


The Heritage Caravan is a road trip which takes patrons across more than half of Ghana’s regions to offer a distinctive road trip that allows participants to explore the various regions of Ghana, providing an up-close encounter with the country’s historical and cultural heritage.



In addition to these roles played by the media, news anchors and other presenters appear on screens immaculately garbed in locally made outfits, bringing out the beauty of our traditions.
Today, The Spectator newspaper selected a few of the media personalities that are working to give the celebration a global dimension to project the country.
By Andrew Nortey

A disturbing crime has shaken the Kwadaso Onion market community in Kumasi, leaving family and friends grieving the loss of a young life.
Identified only as Junior, a 24-year-old mobile money vendor, was found murdered in his room on Saturday, March 8, 2025.
According to eyewitnesses, Junior had returned home the previous day with a substantial amount of money, over Gh¢20,000.
It was suspected that the killers might have been motivated by the large sum of money in Junior’s possession.
A police source that confirmed this to The Spectator, said investigation has been launched into Junior’s murder, but so far, no arrests have been made.
The Kwadaso community is reeling in shock, calling for justice and an end to the atrocity that has claimed the life of a young and promising individual.
Junior, is believed to be a native of Ejisu Onwe, and was known to his colleagues and friends as a hardworking and diligent individual who worked at the Kumasi Race Course.
His tragic death serves as a stark reminder of the risks and challenges mobile money vendors faced.
The incident comes barely a month after Patricia Nimako, a 27-year-old Mobile Money (MoMo) vendor, was shot and killed at Krofrom, Kumasi in the Ashanti region by an unknown assailants.
The suspected armed robbers fled with the deceased cell phones and an amount of GH¢10,000 on Thursday, February 13, at approximately 3:00 p.m.
The two armed robbers reportedly stormed the kiosk where the deceased was operating and without any provocation shot her dead.
There has not been any arrest yet by the police.
From Kingsley E. Hope , Kumasi
News
Learn how to prepare local dishes…Queen mothers urge young women

Published
13 hours agoon
March 15, 2025
In a heartwarming display of intergenerational wisdom, queen mothers from local communities in the Obuasi enclave shared their expertise on how to prepare local diets with young ladies on the International Women’s Day event, courtesy of AngloGold Ashanti, Obuasi Mine.
Beyond the fanfare, these revered women leaders took centre stage to impart a vital life skill: traditional cooking as they guided eager students and other young ladies through the art of preparing local delicacies.
In fact, the aroma of ‘Abunabunu’, ‘Aprapransa’, ‘Enuhu’, ‘Akaw’, ‘Tuo Zafi’ (TZ), among others, wafted through the air to the extent it could attract people from a distance, as the queen mothers entertained the young women with tales of resilience, entrepreneurship, and community building.
This year’s International Women’s Day Celebration was under the theme: ‘Accelerate Action for Women’s Equity.’
As the event drew to a close, the queen mothers gave words of wisdom upon their young guests.
From Nana Amoanima Dede, Queen mother of Adansi she stated that: “Never forget your roots, and always remember that the kitchen is not just a place for cooking, but for building connections and forging communities.”
Nana Akua Dwum II, Queen mother of Edubiase, on her part urged the young ladies to learn how to prepare traditional dishes in order to preserve cultural heritage of the nation.
Earlier, the Managing Director of the mining company, Samuel Boakye Pobee, mentioned their readiness to roll out an “All-Women Apprenticeship Programme, aimed at empowering young women in the Obuasi communities in entrepreneurship.”
He said the project would include women in basic technical skills and their capacity building to boost their employability to reshape perceptions of women’s roles in traditionally male-dominated industries.
According to the Managing Director, the mining company’s commitment “is to empower young people with specialised skills, and progressive knowledge to make them financially independent.”
The company, he indicated, was accelerating action towards women’s equality at the Obuasi Mine and within host communities with the aim to build a foundation to create an inclusive and supportive business culture.
Mr Pobee expressed the need for innovative approaches and dedicated efforts to encourage and invest in women’s participation in all fields, including all levels of technical and operational areas and must be intentional and deliberate.”
From Kingsley E. Hope, Obuasi

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MoMo vendor 24 murdered at Kwadaso

Learn how to prepare local dishes…Queen mothers urge young women
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