Prime News Ghana

Minority alarmed over missing US$100m oil cash

By Ruth Esi Amfua Sekyi
facebook sharing button Share
twitter sharing button Tweet
email sharing button Email
sharethis sharing button Share

The Minority in Parliament has noted with serious concern the inability or refusal of the current administration to account for over $100million accruing from Ghana’s petroleum lifting in the first quarter of 2022.

The decision by the AkufoAddo led government to transfer revenues accruing from about 944,164bbls of crude lifting in the Jubilee and TEN fields to a company established in a safe haven (outside Ghana) without Parliamentary approval, amounts to a gross violation of the Petroleum Revenue Management Act, 2011 (Act 815) and Public Financial Management Act (Act 921), the opposition MPs said.

“We have become aware that following the acquisition of the 7 percent interest in the Occidental (Oxy) transaction in respect of the Jubilee and TEN Fields by the government ostensibly for GNPC in 2021, the Minister of Finance has clandestinely ceded the shares to an offshore company known as JOHL (a company setup in the Cayman Islands) in a very surreptitious and opaque manner,” the minority added.

READ ALSO: Minority demands detailed report on GNPC, Genser Energy agreement

They said they very much alarmed that contrary to requirements of the PRMA, revenues accruing from the nation’s oil fields are not being paid into the Petroleum Holding Fund (PHF), which has been confirmed in the 2022 semiannual report on petroleum receipts by the Public Interest and Accountability Committee (PIAC).

As if this is not enough, the report further reveals that Capital Gains Tax was not assessed and collected by the Ghana Revenue Authority (GRA) in the sale of the 7% interest by Anadarko in the Jubilee and TEN Fields in 2021, they added.

According to the minority, government is proving by the day that the nation’s oil resources cannot be entrusted in their care saying that not long ago PIAC under the chairmanship of Dr. Steve Manteaw accused them over their inability to account for about GHS2 billion of Ghana’s oil cash for the 2017, 2018 and 2019 fiscal years.

“This is surely another “Agyapa” deal in the making and we as a minority will not sit aloof for this government to raid the national purse, especially at a time when the nation is struggling to raise much needed revenues
for critical expenditure.

We demand that the minister of finance and for that matter government must with immediate effect repatriate all such illegal transfer payments back into the Petroleum Holding Fund (PHF).

Failure to comply with our ultimatum will compel the minority to use the necessary parliamentary processes to haul the minister of finance to parliament for possible censure,” they added.