The Chairman of the Mines and Energy Committee of Parliament, Mr Samuel Atta Akyea has said thst the alleged missing $100m oil money was used to settle GNPC’s unpaid debt and not missing a claimed by some reports.
According to him, the money was used to settle upfront, a loan taken from the ministry of finance by GNPC Subsidiaries, to acquire a seven per cent stake in the TEN and Jubilee oil fields on behalf of the state.
The former Minister of Works and Housing claims that even though administrative processes may not have been followed, in terms of lodging the money in the Petroleum Holding Fund (PHF), no harm was done to the state by the upfront payment of the loan taken by GNPC Subsidiaries using that quantum of petroleum receipts.
The minority in parliament had noted with “serious concern” the “inability or refusal of the government” to account for over $100 million of oil funds that accrued to the state coffers concerning petroleum lifting in the first quarter of 2022.
In a statement by Mr John Abdulai Jinapor on the 29 September 2022, the ranking member of the mines and energy committee of parliament, said: “The decision by the current government to transfer revenues accruing from about 944,164 bbls 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)”.
“We have become aware that following the acquisition of a 7-per cent 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 set-up in the Cayman Islands) in a very surreptitious and opaque manner”, the statement said.
The minority said it is “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 semi-annual 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”.
“This NPP government is proving by the day, that the nation’s oil resources cannot be entrusted in their care because not long ago, the PIAC, under the chairmanship of Dr Steve Manteaw, accused them over their inability to account for about GHȼ2 billion of Ghana’s oil cash for the 2017, 2018 and 2019 fiscal years”, the minority added.