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$100m OF GHANA’S OIL MONEY MISSING – Minority In Parliament Raises Alarm & Calls For Accountability

The Minister of Finance, Kenneth Ofori-Atta, has received a harsh warning from the minority in parliament to return all money earned from oil revenue into the Petroleum Holding Fund (PHF).

Because revenues are not being paid into the Fund, the Minority claims that the government is acting in violation of the Petroleum Revenue Management Act (PRMA).

According to the caucus, an offshore business is receiving funds from oil sales at the Jubilee and TEN fields.

As a result, the Minority claimed that nearly $100 million was missing.

“The decision by the current NPP 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 Minority stated on Thursday, September 29.

John Abdulai Jinapor, the ranking member of the Mines and Energy Committee, claimed in the statement that the Ghana Revenue Authority (GRA) failed to assess and collect capital gains tax when Anadarko sold its 7% stake in the Jubilee and TEN Fields in Ghana in 2021.

“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).

 

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