Ghana Gas blames Ghana’s problems on alleged dubious gas pipeline contract by Mahama

The Ghana National Gas Company (GNGC) has said part of the economic challenges facing Ghana should be blamed on alleged dubious gas contracts signed by the Mahama administration. The company said Mr Mahama signed one of the most expensive contracts with the ENI for the Sankofa Gas project. The Director of Public Affairs of the Ghana Gas National Gas Company Limited Ernest Owusu-Bempah said the current Akufo-administration is forced to continue with the contract and pay 46million dollars monthly, due to the terms and conditions of the contracts. Former President Mahama signed the agreement with ENI and Vitol Energy at a ceremony at the Peduase lodge near Aburi in 2015. This was, at the time, probably the biggest single largest foreign direct investment in West Africa and indeed Ghana since independence. The project was situated in the Western region. The oil production from the offshore cape three points was estimated at eighty thousand barrels per day. But speaking to journalists in Accra on Tuesday, November 1, Mr Owusu Bempah said “This contract was signed for 20 to 25 years, monopoly for that period and the IMF questioned it. “We wouldn’t be going to the IMF but for some of these reckless dubious contracts signed by the Mahama administration,” he stressed. He added “Ghana is paying $46 million dollars making it 552 million dollars yearly. So far an amount of $3.6bn has been paid for the past seven years.”

The Ghana National Gas Company (GNGC) has said part of the economic challenges facing Ghana should be blamed on alleged dubious gas contracts signed by the Mahama administration. The company said Mr Mahama signed one of the most expensive contracts with the ENI for the Sankofa Gas project. The Director of Public Affairs of the Ghana Gas National Gas Company Limited Ernest Owusu-Bempah said the current Akufo-administration is forced to continue with the contract and pay 46million dollars monthly, due to the terms and conditions of the contracts. Former President Mahama signed the agreement with ENI and Vitol Energy at a ceremony at the Peduase lodge near Aburi in 2015. This was, at the time, probably the biggest single largest foreign direct investment in West Africa and indeed Ghana since independence. The project was situated in the Western region. The oil production from the offshore cape three points was estimated at eighty thousand barrels per day. But speaking to journalists in Accra on Tuesday, November 1, Mr Owusu Bempah said “This contract was signed for 20 to 25 years, monopoly for that period and the IMF questioned it. “We wouldn’t be going to the IMF but for some of these reckless dubious contracts signed by the Mahama administration,” he stressed. He added “Ghana is paying $46 million dollars making it 552 million dollars yearly. So far an amount of $3.6bn has been paid for the past seven years.”