News Release - Update Concerning The "Africa Integras Project"

The University of Ghana is aware that there has been media discussion in relation to the contract for the construction and operation, on a concession basis, of new academic and accommodation facilities at the University's Legon campus, commonly known as the "Africa Integras Project". In a recent media interview, Ms. Andrea Pizziconi, some-time CEO of the concession company, made a number of allegations which are incorrect, without merit or misleading. This includes the misleading allegation that the University is subject to an "award" which currently has the "binding effect of an arbitration award". In fact, all claims by the concession company are contested by the University, and are yet to be finally resolved.

Ms. Pizziconi also wrongly claimed that the University would have stood to earn huge sums (in the region of US$ 2 billion) over the course of the concession period. The University rejects this claim also. In fact the concession would have imposed substantial, and continually-increasing, financial burdens on the University (amounting to total cumulative payments by the University exceeding US$ 600 million, over a 25-year period). Indeed, it was the impossibility, despite the University's strenuous efforts, of satisfying onerous initial financial requirements which led to the concession company unilaterally terminating the concession, and making claims against the University.

Ms. Pizziconi also claimed that it was feasible for the University to fund the project simply by recruiting some 2,000 additional full-time students, paying fees at the full rate for international students. The allegation that this, even if it could somehow have been achieved, would have met the financial requirements of the concession contract is rejected by the University and without merit.

Finally, the University has reason to believe that a number of false representations were made to it ahead of entry into the concession agreement. These representations concerned fundamental matters, such as the identity, experience, financial resources and capabilities of the concession company and related entities. The University is urgently investigating these matters, which may call into question the validity and effect of the entire concession contract, any and all claims made under it. The University will pursue its entitlements and vigorously defend itself against all claims, using all legal avenues available to it.



9th July 2019