Ghana government negotiates purchase of Teshie Desalination Plant
The Ghana government is negotiating with Befesa Desalination Developments Ghana Ltd to purchase the Teshie Desalination Plant at a price much lower than the amount sought in arbitration. The post Ghana government negotiates purchase of Teshie Desalination Plant appeared first on Ghana Business News .
The Ghanaian government is currently in discussions with Befesa Desalination Developments Ghana Ltd in an effort to purchase the Teshie Desalination Plant at a reduced price, as opposed to the substantial $235 million awarded in arbitration. These negotiations began before the arbitral proceedings had concluded and before the final decision was reached.
According to a statement released by the Attorney-General's Office, the arbitration tribunal delivered its Final Award in ICC Case No. 29029/CPB, stemming from the Water Purchase Agreement between Ghana Water Company Limited and Befesa concerning the Teshie desalination plant in Accra. The official press release stated that the acquisition would ensure the state has full ownership of the facility and would not incur additional expenses beyond what is necessary to guarantee a consistent water supply to approximately one million residents in eastern Accra.
Despite the arbitration award, significant progress has been made in negotiations to avoid paying the full $235 million.
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