[ 2021-02-17 ]

I’m not responsible for $134 million GCGP judgement debt – Boakye Agyarko
A former Energy Minister Boakye Agyarko has denied
cancelling Ghana’s Emergency Power Agreement
with GCGP Limited which has led to a $134 million
judgement debt slapped on the country.

He said he had no power to do that when he was in
office and therefore finds it surprising that he
has been linked to the development.

The power agreement, signed in 2015, was among
those reported to have been cancelled by the
former Energy Minister, with the reason that they
were not needed and were only going to further
lead to the ballooning of Ghana’s debts in the
energy sector.

GCGP Limited in a ruling secured in its favour
from the International Court of Arbitration is to
get $134 million and US$30 million in interests
from the government of Ghana over the cancellation
of the contract.

Boakye Agyarko, who was removed from his position
in 2018 said on Oman FM on Tuesday [February 16,
2021] that he was in no way involved in the
cancellation of the agreement and therefore cannot
be held responsible for the judgement debt.

“I just realized that they had filed for
arbitration on August 11, 2018. This was after I
had left the ministry. I never knew they had gone
for arbitration. I am told that the government
presented itself at the arbitration. How would
someone accuse me of cancelling the contract? I
have not cancelled any contract, I don’t have
the power nor the need or desire to cancel it. I
am for what will help Ghana,” he said.

Boakye Agyarko’s denial leaves little
information on who could perhaps be responsible
for the development.

Meanwhile, the Institute for Energy Security (IES)
has said the US$134 million judgement debt likely
to hit the Government of Ghana is one that is
damaging to the country’s reputation and
finances.

Beatrice Annan who is a fellow at the IES told
Citi Business News, “it means that the country
will have to use taxpayers’ money in excess of
US$134 million to pay the foreign entity, which is
GPGC. It further means that, as a struggling
economy as we are, the government will have to
cough up another US$30 million to pay
interest.”

“Beyond the financial damage that has been
caused to the country, it also damages our
reputation. So the international community will
begin to look at Ghana with another eye and for
us, we think that it is not a good brand to build
as a nation,” she bemoaned.

Source - Citinewsroom

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