US$170m judgement debt: An A-G can be held responsible for negligence if evidence proves – Kofi Abotsi

General News of Saturday, 26 June 2021Source: www.ghanaweb.com• Dr Kofi Abotsi has explained how an Attorney General can be held liable for negligence• He said an AG who fails to exercise skill and diligence can be held responsible for causing a loss to the state• There have been growing calls against the A-G for 'sleeping' on the job amid the GPGC judgement debt caseAn Attorney General can be held responsible for causing financial loss to the state if evidence proves he was negligent in performing his duties to the state, Dean of the Faculty of Law at the University of Professional Studies, Accra (UPSA), Dr. Ernest Kofi Abotsi has asserted. Making his submission on JoyNews' Newsfile on the current brouhaha over a US$170 million judgement incurred on Ghana over the termination of the Ghana Power Generation Company contract, Dr Abosti explained, “An Attorney-General can advise, he can give the best of advice that can go wrong, that doesn’t make him liable. He’s only liable if he fails to exercise skill and diligence and therefore, he acts in a manner that we find below his power as an Attorney General in this circumstance." He continued, “For instance, if there is a key law he was to refer to in his assessment and advice, and he did not refer to that law, he did not even research it and basically just advised without any proper reflection of what he’s supposed to do, then you can clearly establish a case of professional negligence.”Meanwhile, a Commercial Court in London has ordered the Government of Ghana to pay a sum of US$170million in damages to the claimants; Ghana Power Generation Company (GPGC). The development comes after the Akufo-Addo government in 2018 terminated a contract that existed between the two parties and subsequently failed to file its challenge on the award worth over US$134 million in favour of a power provider.

Source:GhanaWeb

June 26, 2021 14:03 UTC


Bank of Ghana issues revised Risk Management Directive for banks, financial institutions

Business News of Saturday, 26 June 2021Source: www.ghanaweb.com• The BoG has revised the Risk Management Directive for banks and financial institutions• The Directives are expected to reduce credit exposures and ensure stability in the banking sector•The BoG said it may in the future issue additional directives regarding material risk areasThe Bank of Ghana has issued a revised Risk Management Directive for banks and financial institutions operating in the country. The move according to the central bank forms parts of efforts to reduce credit exposures and ensure stability in the banking sector. It will further ensure that a regulated financial institution (RFI) has systems in place for identifying, measuring, evaluating, controlling, mitigating and reporting material risks that may affect the ability to meet its obligations to depositors and other stakeholdersA statement issued by the Bank of Ghana explained, “this directive is issued pursuant to Section 92(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and shall apply to Banks, Savings and Loans Companies, Finance House and Financial Holding Companies (FHC) licensed or registered under Act 930.”Some of the risk management directives contained in a draft document sighted by GhanaWeb include the role of the board, risk management framework, risk management strategy as well as risk culture and organizational accountability for risk. Meanwhile, the central bank adds it may in the future issue additional directives regarding material risk areas that it considers essential or apt to warrant practical management in such risk areas. See the full document below:

Source:GhanaWeb

June 26, 2021 13:30 UTC


Ghana, Togo target November timeline to sign Maritime Boundary Delimitation Agreement

General News of Friday, 25 June 2021Source: www.ghanaweb.com•Ghana and Togo are looking forward to a November 2021 timeline to sign a Maritime Boundary Delimitation Agreement•The agreement will pave way for the delimitation of the common maritime boundaries between the two countries•The two countries have since held a 7th Joint Maritime Technical Committee meeting in AccraGhana and Togo are looking forward to a November 2021 timeline in order to sign a Maritime Boundary Delimitation Agreement, the Minister in charge of the National Security has revealed. The projection comes after the two neighbouring countries held a seventh meeting of the joint Ghana/Togo Maritime Delimitation Technical Committee in Accra. “The Government and People of Ghana are quite optimistic and eagerly looking forward to meeting the November 2021 timeline for signing of the Ghana/Togo Maritime Boundary Delimitation Agreement by which all grey areas will have been clarified,” he said. The delimitation of a boundary involves the division of maritime areas in a case where two or more states could have competing claims for the enforcement of their perceived sovereign rights. The meeting, which is the 7th of the technical committee, was attended by representatives of the Maritime Boundary Commissions of Ghana and Togo to assess details of an agreed road map for the negotiations on the delimitation of the common maritime boundaries between the two countries.

Source:GhanaWeb

June 25, 2021 16:49 UTC


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