Business News Sat, 12 Oct 2019

Click to read all about coronavirus →

Hess deal: Ghana losing billions due to government negligence – Alex Mould

Former Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC) Alex Mould has accused the Akufo-Addo-led government of state capture in the agreement with Hess Ghana.

He said GNPC signed an agreement with Hess Energy to pay for 10 percent of the shares once the legal tussle with Ivory coast over the countries’ maritime boundary was over.

Ghana was required to pay $40 million to earn the accruing revenue of $2 to $3 billion.

But Ghana failed to pay for the shares thereby forgoing the revenue.

Alex Mould argues that since Ghana did not pay for the shares, the revenue went to a foreign entity, a situation he is convinced was deliberate for corrupt reasons.

“I believe it is state capture because anybody who is truly a Ghanaian would not want 10 percent what is due the state to be given to a foreigner or the private sector,” he stated in an interview on TV3’s.

“This is stealing assets from the state and giving to the private sector which is wrong.”

Hess Ghana has since been taken over by Aker Energy.

Mr Mould accused the New Patriotic Party (NPP) of scaring away the right investors as a result of the “dubious” approach to investment relations.

He believes the “dubious” nature of transactions is the main reason companies in the energy sector back out of tenders.

Source: starrfmonline.com

Send your news stories to and via WhatsApp on +233 55 2699 625.

Join our Newsletter