Ministry of Finance has confirmed that it is making progress towards settling the $134 million judgement debt owed to oil conglomerate Trafigura.
In a statement, the Ministry assured that it has initiated the required actions to resolve the payment matter.
“We have made the necessary arrangements to pay off the outstanding claims agreed with Trafigura after several rounds of negotiations,” the statement read, reassuring the public that the government remains committed to honouring its obligations.
This follows a petition from Trafigura, raising concerns and threatening to seize Ghana’s assets in South Africa if the $111 million arrears are not paid.
In a letter to Finance Minister Dr. Adam Amin, Trafigura urged the government to settle the debt by the end of the week to prevent further legal action, while expressing a preference for a peaceful resolution.
The company has already seized one of Ghana’s significant commercial properties, Regina House in London, due to the government’s failure to pay a $134 million judgement debt.
This debt originated from the termination of a power purchase agreement, which sparked a legal dispute between Trafigura and the Government of Ghana.