Bankswitch Ghana Ltd (Ghana) v. Republic of Ghana acting as the Government of Ghana

Abstract

Contract — Settlement — Award on agreed terms — Whether an award on agreed terms could be issued in the absence of party signatures

Jurisdiction — UNCITRAL Rules, Article 21(3) — Whether a jurisdictional objection was untimely and had been waived

Contract — Applicable law — Whether the governing law of the contract incorporated principles of customary international law

Defence — Constitutional law — Whether the contract was an international business or economic transaction requiring parliamentary approval

Defence — Estoppel — Whether the State’s reliance on its own failure to follow constitutional requirements was estopped under international law and public policy

Contract — Breach of contract — Interpretation — Whether the requirement of the issuance of a Certificate of Satisfaction had been fulfilled

Remedies — Damages — Whether the claimant should be awarded lost profits for substantial loss caused by the breach of contract

Remedies — Quantum — Whether the award of expectation damages for lost profits should be discounted for risks and the time value of money