EFFECTIVENESS OF ALTERNATIVE DISPUTE RESOLUTION IN INTERNATIONAL BUSINESS DISPUTE RESOLUTION: A CASE OF SELECTED COMPANIES IN GHANA

Kofi Poku

Akua Konadu Adu-Gyamfi

Kwame Nkrumah University of Science and Technology 

ABSTRACT

The international business community is often confronted with conflicts in their business activities. This has resulted in multinational companies seeking their lawyers at the merest whisper of a breach of contract. The general objective of the study is therefore to comparatively assess the advantages and disadvantages of Alternative Dispute Resolution (ADR) and Adjudication (litigation) in international business transactions using a study of selected multinational companies based in Ghana. The study found ADR as an effective means of resolving conflicts among international businesses as compared to litigation. It is recommended that measures such as; ensuring transparency in the arbitration of disputes and shortening the duration of resolution processes are implemented to ensure fairness in the settlement of disputes; and also ADR policies must be made to work in complex issues. ADR settlements must also be tailored to sufficiently bind on all parties in the dispute.