Latest development Sep 23, 2026
Ghana’s Attorney-General said talks to buy the Teshie plant from Befesa had made significant progress.
The award
- Amount awarded
- About $235M net of taxes in termination payments, including pre-award interest to March 31, 2026, plus 58.4% of the claimants’ costs (two final awards)
- Current estimate
- Interest on the debt component runs from April 1, 2026 until payment. Cox says the same sums cannot be recovered twice under the two awards.
- Award holder
- Befesa Desalination Developments Ghana Ltd (95% owned by Spain’s Cox) and Standard Bank of South Africa Limited
- Respondent
- Ghana Water Company Limited and Republic of Ghana (state guarantee)
- Forum
- ICC Case Nos. 29029/CPB (Ghana Water) and 29030/CPB (Republic of Ghana, state guarantee) · Teshie Water Purchase Agreement
Challenges
None reported. The tribunal rejected Befesa’s separate claim of about $402M for unpaid water charges as not cumulative with the termination payments and largely dismissed Ghana Water’s counterclaims, including one for $144.5M.
Enforcement
None reported. Ghana’s Attorney-General said on September 23, 2026 that the government is negotiating to buy the plant from Befesa at a price “much lower” than the amounts sought in arbitration.
Recovered to date
None reported
Notes
Seat of arbitration not verified. No report found of a concluded purchase as of October 28, 2026.