Former Energy Minister, NPP government caused financial loss to the country - Minority

The National Democratic Congress (NDC) Minority Caucus in Parliament has accused government of allowing former Energy Minister Boakye Agyarko and other government officials to go scot-free after allegedly terminating a contract that resulted in a $164 million judgment debt.

The contract, they said, was an Emergency Power Agreement between the Government of Ghana and the Ghana Power Generation Company (GPGC) Limited against experts’ advice, which resulted in the International Court of Arbitration ruling against the country.

Minority Leader Haruna Iddrisu, who was represented by former Deputy Energy Minister John Jinapor, said the International Court of Arbitration ruled against Ghana over the termination of an Emergency Power Agreement with GPGC Limited.

It thereafter ordered the Government of Ghana to pay the full value of the early termination in the amount of $134,348,661 as well as the accrued interest of $30,000,000 and other related costs of US$ 3,309,877.74 at the rate of Libor for three-month US dollar deposits.

Reacting to that, Mr Iddrisu noted that the ruling comes in the wake of the country's struggling economy which is currently choking with huge and unsustainable debt.

He, therefore, called for government officials involved in the illegal termination of the contract to be held responsible, and punished accordingly. Read Full Story