Ghana’s High Commissioner to the United Kingdom, Papa Owusu-Ankomah, has disclosed that the rent revenue accrued from Ghana’s Regina House in London is not enough to pay a $134 million judgment debt.
The Regina House, located in Central London, is one of the government’s most important commercial properties in the UK.
Presently, it is being managed by Trafigura after being awarded a judgment debt by a tribunal in the United Kingdom in 2021.
Speaking on Thursday, August 22, Amb. Owusu-Ankomah confirmed that the building still belonged to the government of Ghana contrary to the allegations.
However, until the government pays the $134 million judgment debt, Trafigura’s GPGC will be in full control over revenue accrued from the property.
“The rent doesn’t go to the Government of Ghana because Regina House is under receivership but Regina House is still owned by the government of Ghana. We are not receiving any money as a result of renting that property because of the judgment debt but the rent that is being paid is nowhere near the amount owed.
“Legally, the property is still the government of Ghana property. What it is is that the charging order gave the management of the property to GPGC solicitors or property appointees until the debt is paid, they cannot even sell the property, they haven’t even applied to sell the property to defray the judgment debt,” he explained.
He is therefore calling for more negotiations between the government and the conglomerate to avert the implications of the compounding interest on the judgment debt.
His response was triggered by allegations levelled by a Vice President of IMANI Africa Bright Simons recently to the effect that the Ghana Power Generation Company (GPGC) has taken ownership of the building after Ghana defaulted in paying the full debt.
He said the government was also concealing information about the ownership of Regina House
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Background
Trafigura, a Singaporean commodities trading company, and a majority owner of GPGC, a power company, secured an award in January 2021.
This was after a tribunal in England found that Ghana had unlawfully terminated a contract for the installation and operation of two power plants.
On November 4, 2021, the court granted Trafigura leave to enforce the award in the same manner as a judgment of the High Court.
On May 17, 2022, Trafigura issued an application for charging orders in relation to the five London properties in which Ghana had a freehold or leasehold interest.
Currently, only Regina House is used for commercial purposes by the government.