TREATIES AND OTHER INTERNATIONAL ACTS SERIES 13023 

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INVESTMENT GUARANTIES 

 Agreement Between the 

UNITED STATES OF AMERICA 

and GHANA 

Signed at Washington February 26, 1999 

 
 NOTE BY THE DEPARTMENT OF STATE 

 Pursuant to Public Law 89—497, approved July 8, 1966 

(80 Stat. 271; 1 U.S.C. 113)—

“. . .the Treaties and Other International Acts Series issued 

under the authority of the Secretary of State shall be competent 

 evidence . . . of the treaties, international agreements other than 

treaties, and proclamations by the President of such treaties and 

international agreements other than treaties, as the case may be, 

therein contained, in all the courts of law and equity and of maritime 

jurisdiction, and in all the tribunals and public offices of the 

United States, and of the several States, without any further proof 

or authentication thereof.” 
 GHANA 

 Investment Guaranties 

Agreement signed at Washington February 26, 1999; 

Entered into force November 24, 2004. 
INVESTMENT INCENTIVE AGREEMENT

BETWEEN

THE GOVERNMENT OF THE UNITED STATES OF AMERICA

AND

THE GOVERNMENT OF THE REPUBLIC OF GHANA

THE GOVERNMENT OF THE UNITED STATES OF AMERICA and THE

GOVERNMENT OF THE REPUBLIC OF GHANA;

AFFIRMING their common desire to encourage economic activities in the Republic

of Ghana that promote the development of the economic resources and productive

capacities of the Republic of Ghana; and

RECOGNIZING that this objective can be promoted through investment support

provided by the Overseas Private Investment Corporation ("OPIC"), a development

institution and an agency of the United States of America, in the form of investment

insurance and reinsurance, debt and equity investments and investment guaranties;

HAVE AGREED as follows:

ARTICLE 1

As used in this Agreement, the following terms have the meanings herein

provided. The term "Investment Support" refers to any debt or equity investment, any

investment guaranty and any investment insurance or reinsurance which is provided by

the Issuer in connection with a project in the territory of the Republic of Ghana. The term

"Issuer" refers to OPIC and any successor agency of the United States of America, and

any agent of either. The term "Taxes" means all present and future taxes, levies, imposts,

stamp taxes and duties and other duties and charges imposed in the Republic of Ghana

and all liabilities with respect thereto.

ARTICLE 2

(a) The Issuer shall not be subject to regulation under the laws of the Republic

of Ghana applicable to insurance or financial organizations.

(b) All operations and activities undertaken by the Issuer in connection with

any Investment Support, and all payments, whether of interest, principal, fees, dividends,

premiums or the proceeds from the liquidation of assets or of any other nature, that are

made, received or guaranteed by the Issuer in connection with any Investment Support

shall be exempt from Taxes. The Issuer shall not be subject to any Taxes in connection

with any transfer, succession or other acquisition which occurs pursuant to paragraph (d)

of this Article or Article 3(a) hereof. Any project in connection with which Investment

Support has been provided shall be accorded tax treatment no less favorable than that

accorded to similar projects benefiting from any other investment support program of

similar nature which operates in the Republic of Ghana.
(c) For the avoidance of doubt, enterprises or independent contractors

registered under the laws of Ghana which may execute projects or contracts with OPIC

Investment Support shall be liable to tax on income accruing from their operations in

accordance with the laws of Ghana.

(d) If the Issuer makes a payment to any person or entity, or exercises its

rights as a creditor or subrogee, in connection with any Investment Support, the

Government of the Republic of Ghana shall recognize the transfer to, or acquisition by,

the Issuer of any cash, accounts, credits, instruments or other assets in connection with

such payment or the exercise of such rights, as well as the succession of the Issuer to any

right, title, claim, privilege or cause of action existing, or which may arise, in connection

therewith.

(e) With respect to any interests transferred to the Issuer or any interests to

which the Issuer succeeds under this Article, the Issuer shall assert no greater rights than

those of the person or entity from whom such interests were received, provided that

nothing in this Agreement shall limit the right of the Government of the United States of

America to assert a claim under international law in its sovereign capacity, as distinct

from any rights it may have as the Issuer pursuant to paragraph (d) of this Article.

ARTICLE 3

(a) Amounts in the currency of the Republic of Ghana, including cash,

accounts, credits, instruments or otherwise, acquired by the Issuer upon making a

payment, or upon the exercise of its rights as a creditor, in connection with any

Investment Support provided by the Issuer for a project in the Republic of Ghana, shall be

accorded treatment in the territory of the Republic of Ghana no less favorable as to use

and conversion than the treatment to which such funds would have been entitled in the

hands of the person or entity from which the Issuer acquired such amounts.

(b) Such currency and credits may be transferred by the Issuer to any person

or entity and upon such transfer shall be freely available for use, subject to the tax laws of

the Republic of Ghana, by such person or entity in the territory of the Republic of Ghana

in accordance with its laws.

ARTICLE 4

(a) Any dispute between the Government of the United States of America and

the Government of the Republic of Ghana regarding the interpretation of this Agreement

or which, in the opinion of either party hereto, presents a question of international law

arising out of any project or activity for which Investment Support has been provided

shall be resolved, insofar as possible, through negotiations between the two

Governments. If, six months following a request for negotiations hereunder, the two

Governments have not resolved the dispute, the dispute, including the question of

whether such dispute presents a question of international law, shall be submitted, at the

initiative of either Government, to an arbitral tribunal for resolution in accordance with

paragraph (b) of this Article.

(b) The arbitral tribunal referred to in paragraph (a) of this Article shall be

established and shall function as follows:

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(i) Each Government shall appoint one arbitrator. These two

arbitrators shall by agreement designate a president of the tribunal who shall be a

citizen of a third state and whose appointment shall be subject to acceptance by

the two Governments. The arbitrators shall be appointed within three months, and

the president within six months, of the date of receipt of either Government's

request for arbitration. If the appointments are not made within the foregoing

time limits, either Government may, in the absence of any other agreement,

request the Secretary-General of the International Centre for the Settlement of

Investment Disputes to make the necessary appointment or appointments. Both

Governments hereby agree to accept such appointment or appointments.

(ii) Decisions of the arbitral tribunal shall be made by majority vote

and shall be based on the applicable principles and rules of international law. Its

decision shall be final and binding.

(iii) During the proceedings, each Government shall bear the expense

of its arbitrator and of its representation in the proceedings before the tribunal,

whereas the expenses of the president and other costs of the arbitration shall be

paid in equal parts by the two Governments. In its award, the arbitral tribunal

may reallocate expenses and costs between the two Governments.

(iv) In all other matters, the arbitral tribunal shall regulate its own

procedures, applying the arbitration rules of the United Nations Commission on

International Trade Law (UNCITRAL) to the extent that the arbitral tribunal

considers them appropriate.

ARTICLE 5

(a) This Agreement shall enter into force on the date on which the

Government of the Republic of Ghana notifies the Government of the United States of

America that all necessary legal requirements for entry into force of this Agreement have

been fulfilled.

(b) This Agreement shall continue in force until six months from the date of a

receipt of a note by which one Government informs the other of an intent to terminate this

Agreement. In such event, the provisions of this Agreement shall, with respect to

Investment Support provided while this Agreement was in force, remain in force so long

as such Investment Support remains outstanding, but in any case not longer than twenty

years after the termination of this Agreement.

(c) Upon entry into force, this Agreement shall supersede the agreement on

investment guaranties between the Government of the United States of America and the

Government of the Republic of Ghana effected by exchange of notes signed at Accra on

September 30, 1958 and supplemented by an exchange of notes signed at Accra on March

3, 1967. Any matter concerning the Republic of Ghana relating to support by OPIC of

investments in the territory of the Republic of Ghana prior to the entry into force of this

Agreement shall be resolved under the terms of this Agreement.

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IN WITNESS WHEREOF, the undersigned, duly authorized by their respective

Governments, have signed this Agreement.

DONE at Washington, District of Columbia, United States of America, on the 26th

day of February, 1999, in duplicate, both texts being equally authentic.

FOR THE GOVERNMENT OF

THE UNITED STATES OF AMERICA

FOR THE GOVERNMENT OF

THE REPUBLIC OF GHANA

George Munoz Honorable Dr. John Frank Abu

President Minister of Trade and Industry

Overseas Private Investment Corporation