The Supreme Court’s landmark decision in 2014 saw businessman Alfred Agbesi Woyome instructed to refund ¢51.2 million to the state.
This ruling stemmed from the court’s determination that Woyome had received the funds from unconstitutional and invalid contracts between the state and Waterville Holdings Limited, dating back to 2006 for the CAN 2008 stadia construction.
Further developments in 2020 saw the Supreme Court direct the government to acquire various properties owned by Mr. Woyome.
This action followed a plea from then-Deputy Attorney General Godfred Yeboah Dame, requesting the court’s permission for the state to take ownership.
The goal was to sell these properties to offset Woyome’s debt to the state.
The properties earmarked for acquisition included two mansions in Trasacco Estate, his residence in Kpehe, an office complex of Anator Holdings, a residential building in Abelemkpe, and a stone quarry in the Eastern Region along with its associated equipment.
Despite these legal maneuvers, the state has yet to fully recover the owed amount.
Alfred Tuah Yeboah, the current Deputy Attorney General, acknowledged ongoing efforts to retrieve the funds.
He noted that while some money has been recovered and attempts were made to execute on Woyome’s properties, the full amount remains outstanding.
“Recoveries have been made but we have not recovered everything from him. I cannot be specific about what is left but I can say that some monies have been recovered.
“We also attempted to do some execution when it comes to his properties. So we are still in the process but he has not paid everything,” Alfred Tuah Yeboah stated.
On a separate but related front, negotiations are ongoing regarding a $170 million judgement debt awarded to Trafigura.
This amount was awarded to Trafigura, a majority owner of Ghana Power Generation Company (GPGC), following a ruling by an arbitral tribunal in London.
The tribunal found Ghana culpable of unlawfully terminating a contract with Trafigura for the installation and operation of two power plants.
Mr. Tuah Yeboah assured that Ghana’s properties are secure as negotiations continue with the judgement creditors.
The Finance Ministry is actively engaged in these talks to reach an agreement on the payment terms and ensure a resolution that safeguards Ghana’s interests.
“We wrote to the Finance Ministry to enter into negotiations again with the judgement creditors and my understanding is that they are talking but where they are now I don’t know the state of it.
“Currently the properties are safe but if we do not pay at the end of the day the creditors may want to find means but I can give the assurance that the Finance Ministry is taking every step possible to ensure that negotiations are made and we agree on how much we are to pay and when and where,” Mr. Tuah stated.
He shared it with the Powers that be so how can he pay back that Money.
You think it’s for nothing that no one is talking about it anymore.
That’s GHANA for you.
We are waiting for another Woyome