Africa-Press – Ghana. The government failed to pay as per the terms of the contract and after numerous follow-ups and demands to be paid for work done, the company went to court in 2005 for recovery of the said amount with interest and obtained a judgement of US$70 million in November 2006.
Ignoring how a Ghana Cedi claim led to a United States Dollar judgement debt, the transformation of fifty-five thousand Ghana Cedis to a whopping US$70 million in precisely two decades is mind-boggling.
The government of the day neither appealed the court ruling nor took any action to settle its indebtedness to Rockshell until it left power in January 2009.
The new government that took office in 2009 renegotiated this judgement debt, amongst others, and successfully reduced the amount by fifty per cent to US$35 million, which was paid by the government between July 2009 and August 2010.
And so, because of delays in the payment of the amount of GH¢55,305.60 owed Rockshell International in 1986, Ghana became poorer by US$35 million, which could have been as high as US$70 million.
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