Xxxxxxxxxx, Alleviating Mistakes: Reversal and Forgiveness of Flawed Perceptions. (Oxford, UK: Oxford University Press, 2004) at 151. 26 See List of countries with BITs with Ghana, available at xxxx://xxxxx.xxxxxxxxx.xxx/ICSID/FrontServlet , ICSID Official Website (Last visited: 5th June 2014). 27 Convention on the Settlement of Investment Disputes between States and Nationals of Other States (submitted for signatures on 18 March 1965, entered into force 14 October 1966) 575 UNTS 159. State interruptions in the period between 1966 and 198328. Even then, State interruptions only led to successful renegotiations with attendant benefits to investors29. However, since 1986 when the repealed Minerals and Mining Law30 was enacted, the mineral sector in the country has been stable with favorable investment climate for attracting foreign investors into the country31. Since 1992 when Ghana started its Fourth Republic under a new era of democracy, the situation has improved even better. There is yet to be recorded a single incident of unilateral action by the Ghanaian State in the extractive industries since the beginning of the Fourth Republic. This coupled with the relative peace and political stability as well as greater respect for international law makes Ghana an ideal destination for foreign investment, generally. The result is that long-term petroleum contracts in Ghana largely forecasts stability. Ghana has through IPAs promised IOCs beyond the blessings of mere stabilization clauses and this has reflected in the Ghana-AGM and Ghana-COLA/MEDEA Agreements. The internationalization of the choice-of-law provision, the inclusion of an international arbitration clause for settlement of disputes, and the additional provision on Force majeure are illustrative of this thesis. All these coupled with an established democracy32 where the rule of law reigns supreme as well as the respect for international legal rules and principles makes Ghana an ideal HC for investment in the Petroleum industry.
