Ghana loses us$67 million in two years

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Kwame Wi 12 years ago

What's going on in Ghana? Everywhere any time there is a leak, why?

What's going on in Ghana? Everywhere any time there is a leak, why?
SGT ANANI FIADZOE 12 years ago

It is only monkeys who still consider
any NDC so-called politicians and their
monkey supporters as administrators(Government).

NDC must be removed from our political
platform, they are arm robbers and thieves.

It is only monkeys who still consider
any NDC so-called politicians and their
monkey supporters as administrators(Government).

NDC must be removed from our political
platform, they are arm robbers and thieves.
facts 12 years ago

It is too difficult to hear these things. Do you want us to come out with the Rawlings example ie. we no go sit down make them cheat us.

It is too difficult to hear these things. Do you want us to come out with the Rawlings example ie. we no go sit down make them cheat us.
Zombie Killer 12 years ago

Gyeeda plus Woyome money

Gyeeda plus Woyome money
jojo 12 years ago

Extraordinary incompetence,Definately a case of willful lossof money to the state,67 million dollars lost somebody's head must roll

Extraordinary incompetence,Definately a case of willful lossof money to the state,67 million dollars lost somebody's head must roll
lawrence ansu twene 12 years ago

oh ama ghana why our leaders why do you fraud us

oh ama ghana why our leaders why do you fraud us
Sappey-Agboh, Atsiame - Avenorpeme 12 years ago

Something doesn't add up here. The mode of the acquisition of the shares of the EO group by tullow Oil was fraught with inconsistencies and indeed controversial
If you guys weren't born yesterday, you'll have realised that t ...
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Something doesn't add up here. The mode of the acquisition of the shares of the EO group by tullow Oil was fraught with inconsistencies and indeed controversial
If you guys weren't born yesterday, you'll have realised that the government of Ghana fought against it and had proposed that the shares should be acquired by GNPC but due to the mafia nature of the oil extraction industry, we failed. Don't blame government. Having said that, if Martin Amidu was so convinced of the criminality of the EO GRoup in acquiring these shares from Kosmos in the first instance, why had he failed to pursue the case with the fervour that he is pursuing Woyome and Isofon. if we compare the quantum of money involved in those cases, which is greater? Woyome, Isofon or EO group? Instead of accusing government of inactivity concerning passage or amendment of the Petroleum Income Tax Law, the civic group would have been more helpful if they had researched from the AG's department, energy ministry or parliament to find out obstacles delaying the passage of this bill. It is easier said than done.
C.Y. ANDY-K 12 years ago

Your points are taken but what are obstacles militating against the passage of sane laws to safeguard Ghana's interests in the oil sector, if not this debilitating belief that passing such laws are inimical to the vested fore ...
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Your points are taken but what are obstacles militating against the passage of sane laws to safeguard Ghana's interests in the oil sector, if not this debilitating belief that passing such laws are inimical to the vested foreign interests and their local agents who now have a stranglehold on the oil find in Ghana? And thus by some obtuse deductive thinking, such laws are bad for Ghana's interests? Bollocks!

Unfortunately, people in charge of Ghana are still in the C19th mode of thinking about Ghana's mineral resources as something to be exploited by foreigners who need them and if they give us some pitiful compensation, that's all find and dandy! After all, diamonds, bauxites, manganese, etc, were just useless rocks and sand to our forefathers, so if white people give you some small money for them, coool! You can go and get some booze! So I hear similar arguments about the oil reserves: if KOSMOS and Tullow hadn't found it, it'd be there bringing us no money at all! If the EO Group hadn't brought Kosmos, there would have been no find! Really??

They ignored completely the huge investments GNPC under Tsatsu had made into collecting data, processing some, drilling some wells which led to discovery of a huge gas deposits for which the Osagyefuo barge was being built, reserves which had been handed over to Kosmos and Tullow on a silver platter by the Kufour admin. They ignored the fact that such drilled dry wells narrowed down the area to drill in search of oil, making it easier for Kosmos to much easily pin-point where the crude is by looking at the slope of the land, since the gas is always on top of the crude. They ignore completely the changed reality in the world and in Ghana, that Ghanaians also need oil and gas, and some diamonds too now. They ignore the fact that Ghana is no longer a beggar nation in the oil sector, where investors laughed off any idea of searching for oil and we have to woo them in with mouth watering and nose-cutting deals. In short, that Ghana can literally DICTATE her own terms and laws on the sector, take it or leave it, and these foreign interests will kowtow and swallow them so long as they can still turn a profit of 10% on their investments, instead of the 100s of %s they are currently poised to do! Yes,how much did the EU&O Group invest in their hustling travels to bring in Kosmos, so that they can make over $300m just like that? How much have Kosmos and Tullow invested to be reaping off such huge bonanza as they do now under the outdated C19th royalty system of sharing the gains under which Ghana is actually losing billions annually?

Yes, Ghanaians need to wise up to the ongoing gargantuan scam which makes Woyome and his Mafioso bosses like a pin-prick! But will they?

Andy-K
C.Y. ANDY-K 12 years ago

For a breakdown of the $1,869,501,232 losses Ghana has suffered operating under the royal sharing system instead of the Production Sharing system for the past 2 years, go to this link.

www.modernghana.com/news/453588/1/two ...
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For a breakdown of the $1,869,501,232 losses Ghana has suffered operating under the royal sharing system instead of the Production Sharing system for the past 2 years, go to this link.

www.modernghana.com/news/453588/1/two-years-of-jubilee-fields-operation-2011-and-201.html

Since it contains tables which Ghanaweb cannot publish, it couldn't be posted here. Search for and read other articles by the author.

Andy-K
kofucius.wordpress.com 12 years ago

Good find!

I am curious to see how these figures change as we project the data into the future and account for the increase in oil production, as I see in the footnotes the data is based on only 10k barrels in production ...
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Good find!

I am curious to see how these figures change as we project the data into the future and account for the increase in oil production, as I see in the footnotes the data is based on only 10k barrels in production per day.

My guess is that there will be a breakeven at some point, lets be honest with ourselves can you uncover any capital intensive project around the world that automatically leads to profits for all business parties at day 1 let alone day 720?

No doubt about we need to work to gather a larger percentage of the revenue associated with this resource, but for sure more individuals with law and business backgrounds should be involved in these deals as opposed to solely politicians...

Sankofa 12 years ago

Spot on, Andy-K!

We can only cry out with Ayi Kwei Armah 'Why are we so blest?'

You just shake your head with disbelief at the idiocy of people in positions of responsibility! Do we not have a single wise person who wil ...
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Spot on, Andy-K!

We can only cry out with Ayi Kwei Armah 'Why are we so blest?'

You just shake your head with disbelief at the idiocy of people in positions of responsibility! Do we not have a single wise person who will act in the best interests of our nation?

Who are these fools who cannot see beyond their noses, allowing foreigners to cheat us out of our resources?

We need wisdom in all our national undertakings. We demand of all our politicians and public officials always to act prudently and put the interests of Ghana first before any other considerations. Let us not rush to sign contracts - we must think through and consult people with the relevant expertise in preparing and negotiating such contracts.

We owe it to the suffering masses of our land so to do. Posterity will not forgive us for selling our birthright for a mess of pottage, and leaving the country in such a mess!

The rape of our country has gone on for far too long! We must stop it now!!!!
Abeeku Mensah 12 years ago

Those who continue to shout about Woyome and other judgment debt issues and or for those who are fans of Martin Amidu, I ask of you to wrap those pea-sized brains around the EO group and the almighty Kufour era activities tha ...
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Those who continue to shout about Woyome and other judgment debt issues and or for those who are fans of Martin Amidu, I ask of you to wrap those pea-sized brains around the EO group and the almighty Kufour era activities that has damaged Ghana for good.
It is under the Kufour era the EO group gained prominence n Ghana. Who are the two Ghanaians that make up the EO group and from which regions do they come from? This NPP cabal is costing Ghana more than all of Ghana's judgment debts over the last 20 years. Where is Martin Amidu and where are those loud mouths in the NPP and NDC claiming to be educated and or intelligent while the EO group and Kufour continue to ask Ghanaians to bend down for royal screwing by the EO group? Intelligent NPP my foot; we have credential totting clowns without a clue because of their intellectual inferiority.
Kofi 12 years ago

Mahama was the man running affairs when Mills was President Mills was sick. Therefore Mahama must know what went on.

Mahama was the man running affairs when Mills was President Mills was sick. Therefore Mahama must know what went on.
peace 12 years ago

Ghana did not lose nothing check opepeni MAHAMA POCKETS

Ghana did not lose nothing check opepeni MAHAMA POCKETS
kt 12 years ago

this money which is being wasted can be put to good use

this money which is being wasted can be put to good use
Sankofa 12 years ago

Gov't must wake up and sort out this mess asap! We cannot go on like this.

We are already getting little from the oil through poorly negotiated contracts which give us only a small stake in the oil industry. Why do we deny ...
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Gov't must wake up and sort out this mess asap! We cannot go on like this.

We are already getting little from the oil through poorly negotiated contracts which give us only a small stake in the oil industry. Why do we deny ourselves taxes which would have gone some way to clawing back some of the profits accruing from the oil?

Why should gov't fail to heed expert advice from its own legal advisers? Dr Oteng-Adjei must explain to us why he opposed the AG's advice and approved the sale of shares in the oil industry, with the consequent loss of tax revenue to the exchequer.

We appeal to all our politicians and public servants to act always in the best interests of our country. We owe it to the suffering masses of our land to ensure that we make the most of our resources for the benefit of all.

The rip-off must stop now!!!

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Ghana loses us$67 million in two years

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