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Government initiates formal negotiation with Trafigura over $140m judgement
The Attorney General and Minister for Justice Godfred Yeboah Dame is leading a government negotiation team with Singaporean commodity trading firm, Trafigura in a bid to arrive at a payment plan to cover a $140 million judgement debt awarded to them by a London court.
Trafigura was awarded the right to seize and sell property belonging to Ghana in the United Kingdom following the cancellation of a power purchase agreement in 2017.
Property belonging to the Ghana International Bank in London has already been attached for possible auction.
However, Deputy Attorney General Diana Asonaba Dapaah assured JoyNews that her boss, the Attorney General, is on top of the situation and that all state property is safe in the United Kingdom.
“We are working on it because there is a lot that goes with litigation including settlement and I believe that very soon, we should be able to give you some good news on the outcome of Trafigura.
“We are clearly on top of it. The Attorney General has been to the UK to help resolve the matter in the best possible way which would be mutually beneficial to all parties involved,” she said.
Last week, Ghana’s High Commissioner to the UK and Ireland, Papa Owusu-Ankoma revealed that the Ministry of Finance has made some significant progress towards reaching a settlement.
Although he described the events leading to the action by Trafigura as unfortunate, he maintained that everything is being done to deal with the situation.
“We will not get to that stage where these assets will be sold to defray the debts, because of progress made on reaching a settlement”, he said on PM Express Business Edition on November 2.
Meanwhile, as government negotiates to resolve the issue, former Energy Minister Dr. Kwabena Donkor wants President Akufo Addo to investigate the matter.
According to the Pru East MP, the explanations are not enough adding that a full-blown presidential inquiry alongside a parliamentary probe can help Ghana learn for the future as well as punish errant officials.
“First of all, I call for two inquiries – one at the level of the presidency. The president must institute an internal inquiry to unravel what led to this. The cabinet is advisory to the president and not the final decision-maker of the land in terms of executive power.
“Cabinet is advisory to the president so the president in cabinet is a different business because then the president has the power. That is why I am calling on the president to institute an internal inquiry for two reasons – to know where we really went wrong in terms of the process and what lessons we have to learn as a nation at the level of the executive to avoid a recurrence going forward,” he said.
“Another inquiry at the level of the legislature since the decision to terminate was taken by the executive arm of government, it is the legislature that has oversight responsibility over the executive,” he added.
Source: Myjoyonline.com
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
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Prophet Courage Heavens set to launch ‘Predestination’ book on March 23
Prophet Courage A. Heavens is set to launch the much-awaited book titled ‘Predestination’ on Sunday, March 23, 2025 at 5:00PM.
The launch, which is expected to impact lives, will take place at Crossgates Ministries, Flattop, off N1 Highway, opposite Angel Hauz.
The book is aimed at addressing the way people struggle to understand how free will and destiny align.
It is also aimed at providing clarity on God’s sovereignty and one’s place in His divine plan.
The various chapters of the book address various issues through scriptures and personal stories.
Committed to impacting society, part of the proceeds from the book will go into Courage Heavens Education Legacy (CHEL), an educational foundation transforming lives.
CHEL is dedicated to providing financial support and mentorship to brilliant but needy students, ensuring they have access to quality education and opportunities for a better future.
Prophet Courage Heavens is a prolific writer and previously authored Eli Eli Lama Sabachthani, a powerful book that encourages unwavering faith in times of trials.
In addition, he has written seven more prophetic and life-changing books that are yet to be published.
He is dedicated to raising the next generation for impactful ministry. As the leader of Crossgates Ministries, he nurtures believers in faith and purpose.
