Former President John Dramani Mahama has rubbished claims by the Akyem Abuakwa South Member of Parliament and Chairman of Parliament’s Mines and Energy Committee, Samuel Atta Akyea over the alleged ‘missing’ $100m of oil revenue.
After the minority raised alarm over the ‘missing’ revenue, Atta Akyea said the money had been used by GNPC to cover for a loan taken from the Ministry of Finance to purchase shares in the Jubilee and TEN Oil Fields without first being deposited in the Petroleum Holding Fund (PHF).
He said it was simply an administrative issue that the money was not deposited in the PHF first, but the money is most certainly not missing.
Reacting to the claim, the ex-President said there can be no justification for not depositing oil revenue in the fund irrespective of what the NPP claims.
“News that some $100 million has been diverted from petroleum funds for unapproved expenditure is most disconcerting. Section 3 of the PRMA (Act 815) is explicit that all Petroleum revenue due the Republic derived from whatever source shall be assessed, collected and accounted for by the Ghana Revenue Authority.
“Section (15) of the Petroleum Exploration and Production Act (Act 919), is also clear that “Any borrowing exceeding the cedi equivalent of thirty million United States Dollars for the purpose of exploration, development and production shall be approved by Parliament and shall be in consonance with the Petroleum Revenue Management Act.” Mahama wrote on Facebook.
“There can be no justification for diverting revenues accruing from the nation’s share of petroleum resources into any other account aside the PHF. The Minister for Finance must as a matter of urgency repatriate all such illegal payments back into the PHF without delay as there is no record to confirm parliamentary approval on any such loans acquired by GNPC in their work programme.” Mahama added.
Atta Akyea’s defence
The Chairman of the Mines and Energy Commission of Parliament, Samuel Atta Akyea, debunked claims by the minority that $100m oil revenue has gone missing from the Petroleum Holding Fund (PHF).
According to him, the funds were used to settle upfront, a loan taken from the Ministry of Finance by GNPC Subsidiaries which was used to purchase shares in the TEN and Jubilee oil fields on behalf of the state.
Atta Akyea said there might have been an administrative error in not placing the money in the fund before being used but there can be no doubt that the money was used to engage in activities which will inure to the benefit of the state.
“Well, I think it’s a storm in a teacup because sometimes the impression is being given that the money has been spirited away. There was an opinion from the attorney general to the effect that they needn’t place the money in that account for the simple reason that there’s a seven-per cent equity acquisition in the TEN and Jubilee fields by GNPC Subsidiary and they didn’t have the money so the ministry of finance borrowed them the money so they do this acquisition; they are trying to improve the governmental stakes in these petroleum blocks,” Atta Akyea said.
“When they [GNPC Subsidiaries] took the loan, they were unable to pay, so, they used the petroleum receipts due them to settle it, so, the ministry of finance took the money and paid for the loan upfront”, Mr Atta Akyea explained.
Source: theGhanaianVoice.Com