a) Recognition vs. Enforcement of Foreign Judgments in Ghana:

• Recognition: Acknowledging a foreign judgment as valid and binding, without active execution. In Ghana, under common law and Foreign Judgments (Reciprocal Enforcement) Act, 1933 (adapted), it establishes res judicata, preventing relitigation. Requires finality, jurisdiction, and no fraud/public policy breach.
• Enforcement: Active execution, e.g., attaching assets, via registration/application in Ghanaian courts. Reciprocal with countries like UK; involves Mareva injunctions for freezing. Difference: Recognition is passive/declaratory; enforcement active/compulsory. Practical: In banking, recognition aids set-off; enforcement recovers debts, but sovereign immunity limits, as in post-DDEP international disputes.

b) International conventions on contractual obligations standardize cross-border dealings, relevant for Ghanaian banks in global finance. Key ones:

• Rome Convention 1980 (now Rome I Regulation): Determines applicable law for contracts, prioritizing choice of law clauses. Relevance: Ensures predictability in loans/swaps, aligning with Ghana’s private international law; protects against conflicts in multi-jurisdiction deals like syndicated loans.
• Brussels Convention 1968 (now Brussels I Recast): Governs jurisdiction and judgment enforcement in EU, extended via Lugano to others. Relevance: Facilitates enforcement for Ghana-EU trades, reducing forum shopping; crucial for BoG-regulated banks in recovering assets.
• Hague Convention on Choice of Court Agreements 2005: Enforces exclusive jurisdiction clauses. Relevance: Enhances certainty in facility agreements, aiding compliance and risk mitigation amid Ghana’s digital banking trends.
• UN Convention on Contracts for International Sale of Goods (CISG) 1980: Uniform rules for sales, indirectly affecting LCs. Relevance: Standardizes obligations, reducing disputes in trade finance.

These conventions promote resilience, ethical practices, and profitability by minimizing legal risks, as seen in Ecobank’s international operations post-2020 cybersecurity directives.