$160m Judgement Debt Report Untrue – UG

The management of the University of Ghana has debunked reports that it has incurred a $160m judgement debt following a decision by a UK arbitrator.

The management said any such statement was untrue and intended to create panic among the University’s stakeholders.

“The Africa Integras Project, including matters relating to the substantive and procedural merits of the contract, has not been determined by an arbitrator,” the University’s statement said.

“Management of the University therefore urges calm and assures all stakeholders that it is taking all necessary and reasonable steps to secure the best interest and future of the University of Ghana,” it added.

According to the earlier news, the company had dragged the institution to court over the matter and a determination on the matter was made in the first week of August in London.

But the University of Ghana has said the story is false.

“There is no scandal at all in relation to the $64.4 million contract. Africa Integras signed an agreement that they were supposed to spend that money. As far as I know, by the time the project stopped, they had spent about $28 million. How does a phony company come and spend $28 million?

You can see the buildings coming up and yet it has been written that I have signed an agreement with a phony company. We haven’t spent any money ourselves, it’s the ‘phony’ company that’s spending the money; how does a phony company put up buildings?,” Professor Aryeetey further stressed in the statement.