Nana Dr. S.K.B. Asante, an experienced international arbitrator, has deplored flawed negotiations and management of international contracts, saying “it is a drain of resources procured from development partners".

“Defective negations and administration of international contracts are a major cause of judgment debts,” he added.

Dr. Asante made these remarks during the launch of “S.K.B Asante Centre on International Business Transactions,” at the Almond Institute.

He observed that international negotiations were indispensable aspects of the dynamics of international economic interdependence, making internationalization of production and services a salient feature of the modern world economy.

Therefore, he said, the efficacy and viability of any development strategy was contingent on effective, competent and honest negotiations.

Nana Dr. Asante, who is also the Paramount Chief of Asante Asokore, noted that a case study of failed agreements from around the world had led to the conclusion that the conduct of international negotiations was critical to manage developing economies.

He said the acquisition of bargaining skills and technical expertise would be ineffectual in ensuring viable and profitable projects, unless the negotiation process was characterized by the highest integrity in safeguarding national interest.

Nana Dr. Asante called for the appropriate mechanism that would ensure the highest professionalism in negotiating and concluding international business transactions, to eliminate the incidence of corruption.

He said “The spin off effects of foreign investment, the strengthening of local private sector, and the realization of local content objectives in the petroleum industry would be illusory, unless the captains of industry….acquired the armoury of sophisticated negotiation techniques.”