$100m of Ghana’s oil money missing – Minority sound alarm

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Minority has sound an alarm about $100m of Ghana’s oil money missing.

To ensure that all oil revenue is properly deposited into the Petroleum Holding Fund (PHF), the Minority in Parliament has sent a strong warning to Minister of Finance Kenneth Ofori-Atta.

The caucus claimed that profits from the TEN and Jubilee fields were being sent to an offshore firm.

Revenues are not being deposited into the Fund, which the Minority claims is an act contrary to the Petroleum Revenue Management Act (PRMA).

“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, 29th September, 2022.

The statement, filed by Mines and Energy Committee Ranking Member John Abdulai Jinapor, also claimed that the Ghana Revenue Authority (GRA) failed to assess and collect Capital Gains Tax from Anadarko’s 2021 sale of a 7% stake in the Jubilee and TEN Fields.

Thus, the Minority claimed that around $100 million have disappeared.

The Minority has sound an alarm about $100m of Ghana’s oil money missing.

They have therefore demanded the Minister of Finance and the Government to immediately return any illicit transfers of funds to the Petroleum Holding Fund (PHF).

They added that if the Minister of Finance does not comply with their ultimatum, they will use the proper parliamentary channels to bring him before the parliament for possible censure using the necessary parliamentary processes.

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