US$100m missing from Ghana’s petroleum revenue – Minority alleges

The Minority Caucus of Parliament has alleged that up to US$100 million has gone missing from Ghana Petroleum revenue for the first quarter of 2022. According to the minority, the US$100 million can not be accounted for now after the Finance Minister, Ken Ofori-Atta transferred it to an offshore account without the approval of parliament.

In a statement issued by the Ranking Member, Mines and Energy Committee, John Abdulai Jinapor, which was cited by GhanaWeb, the minority said that the US$100 million was from the sale of 944,164bbls of crude from the Jubilee and TEN fields.

“The Minority in Parliament has noted with serious concern the inability or refusal of the Akufo-Addo/Bawumia led Government to account for over $100Million accruing from Ghana’s Petroleum lifting
in the first quarter of 2022.

“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).

“We have become aware that following the acquisition of a Seven percent (7%) 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,” parts of the statement read.
It added that Ken Ofori-Atta must as soon as possible find the missing money and transfer it to the Petroleum Holding Fund
(PHF) of the state.