An International Arbitration Tribunal has dismissed a $7 billion suit against Ghana and the Ghana National Petroleum Corporation (GNPC).
The case was brought by a UK-based company, TULLOW Oil, over a disputed oil exploration contract.
The tribunal ruled that Ghana did not breach any contract, and TULLOW Oil is liable for costs.
This ruling is a significant victory for Ghana, saving the country from a massive financial burden.
The arbitration was filed by TULLOW Oil in 2020, alleging that Ghana had breached a contract related to the jubilee oil field.
The company sought damages of $7 billion, which would have been one of the largest awards in Africa arbitration history.
However, the ruling by the tribunal argues that there was no breach of contract and that Tullow Oil's claims were unfounded.
MICHAEL OPPONG-AMPONSAH
Comments