Mahama loses $6 billion of Ghana's oil money and still claims 'remarkable economic achievements'

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• Kojo Tamakloe 9 years ago

  Lungu, you silly goat! have you now realized that Mahama and his useless NDC morons are corrupt, incompetent and thieves?

  Lungu, you silly goat! have you now realized that Mahama and his useless NDC morons are corrupt, incompetent and thieves?

  reply
• A Mark 9 years ago

  Ghanaian didn't benefits from it but mahama did so it's an achievement.
  
  Ghanaians lost 6 billion dollars not Mahama.

  Ghanaian didn't benefits from it but mahama did so it's an achievement.
  
  Ghanaians lost 6 billion dollars not Mahama.

  reply
• C.Y. ANDY-K 9 years ago

  Even white people are doing research and lamenting about our woeful fate more than our own research and book allowance grabbing academics! And Ghanaweb yobos come to spew invectives on some of us who do so at great cost to ou ...
  read full comment

  Even white people are doing research and lamenting about our woeful fate more than our own research and book allowance grabbing academics! And Ghanaweb yobos come to spew invectives on some of us who do so at great cost to ourselves and have started the challenge being called for by this white writer. I started it in the '90s.
  
  Andy-K
  
  www.huffingtonpost.co.uk/mark-curtis/britain-africa-development_b_11191728.html?edition=uk
  
  Britain’s New African Empire
  26/07/2016 16:43 | Updated 4 days ago
  760
  
  Mark Curtis
  
  Companies listed on the London Stock Exchange control over $1trillion worth of Africa’s resources in just five commodities - oil, gold, diamonds, coal and platinum. My research for the NGO, War on Want, which has just been published, reveals that 101 companies, most of them British, control $305billion worth of platinum, $276billion worth of oil and $216billion worth of coal at current market prices. The ‘Scramble for Africa’ is proceeding apace, with the result that African governments have largely handed over their treasure.
  
  Tanzania’s gold, Zambia’s copper, South Africa’s platinum and coal and Botswana’s diamonds are all dominated by London-listed companies. They have mines or mineral licences in 37 African countries and control vast swathes of Africa’s land: their concessions cover a staggering 1.03million square kilometres on the continent. This is over four times the size of the UK and nearly one twentieth of sub-Saharan Africa’s total land area. China’s resources grabs have been widely vilified but the major foreign takeover of Africa’s natural riches springs from a lot closer to home.
  
  Many African governments depend on mineral resources for revenues, yet the extent of foreign ownership means that most wealth is being extracted along with the minerals. In only a minority of mining operations do African governments have a shareholding. Company tax payments are minimal due to low tax rates while governments often provide companies with generous incentives such as corporation tax holidays.
  
  Companies are also able to avoid paying taxes by their use of tax havens. Of the 101 London-listed companies, 25 are actually incorporated in tax havens, principally the British Virgin Islands. It is estimated that Africa loses around $35billion a year in illicit financial flows out of the continent and a further $46billion a year in multinational company profits taken from operations in Africa.
  
  UK companies’ increasingly dominant role in Africa, which is akin to a new colonialism, is being facilitated by British governments, Conservative and Labour alike. Four policies stand out. First, Whitehall has long been a fierce advocate of liberalized trade and investment regimes in Africa that provide access to markets for foreign companies. It is largely opposed to African countries putting up regulatory or protectionist barriers to such investment, the sorts of policies where have often been used by successful developers in East Asia. Second, Britain has been a world leader in advocating low corporate taxes in Africa, including in the extractives sector.
  
  Third, British policy has done nothing to challenge multinational companies using tax havens; indeed the global infrastructure of tax havens is largely a British creation. Fourth, British governments have constantly espoused only voluntary mechanisms for companies to monitor their human rights impacts; they are opposed to enhancing international legally binding mechanisms to curb abuses.
  
  The result is that Africa, the world’s poorest continent, is being further impoverished. Recent research calculated, for the first time, all the financial inflows and outflows to and from sub-Saharan Africa to gauge whether Africa is being helped or exploited by the rest of the world. It found that $134billion flows into the continent each year, mainly in the form of loans, foreign investment and aid. However, $192billion is taken out, mainly in profits made by foreign companies and tax dodging. The result is that Africa suffers a net loss of $58billion a year. British mining companies and their government backers are contributing to this drainage of wealth.
  
  We need to radically rethink the notion that Britain is helping Africa to develop. The UK’s large aid programme is, among other things, being used to promote African policies from which British corporations will further profit. British policy in Africa, and indeed that of African elites, needs to be challenged and substantially changed if we are serious about promoting long term economic development on the continent.
  
  Follow Mark Curtis on Twitter: www.twitter.com/markcurtis30

  reply
• Prof Lungu 9 years ago

  For real.....read that!
  
  Britain’s New African Empire....
  
  In Ghana, they took $29 million to take $6 billion from Ghana's Mahama.
  
  And Mr. Mahama and Speaker of Parliament Doe Adjaho do not give a pesewa.
  
  Stop the ...
  read full comment

  For real.....read that!
  
  Britain’s New African Empire....
  
  In Ghana, they took $29 million to take $6 billion from Ghana's Mahama.
  
  And Mr. Mahama and Speaker of Parliament Doe Adjaho do not give a pesewa.
  
  Stop the predatory oil racket, Mr. Mahama!

  reply
• Bernard 9 years ago

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  reply
• ABBEY 9 years ago

  The President and his brother will not just loose 6 billion dollars.
  They have pocketed the money.
  Mahama didn't loose 6 billion dollars
  Ghana lost 6 billion

  The President and his brother will not just loose 6 billion dollars.
  They have pocketed the money.
  Mahama didn't loose 6 billion dollars
  Ghana lost 6 billion

  reply
• Nana Ajena 9 years ago

  The gyimii president is just a thief.

  The gyimii president is just a thief.

  reply
• Prof Lungu 9 years ago

  To say....
  
  "Don't sign the 2016 Petroleum and Exploration Bill BUT with strong PSA provisions!
  
  To Say...
  "Don't sign the 2016 Petroleum and Exploration Bill withOUT strong PSA provisions!

  To say....
  
  "Don't sign the 2016 Petroleum and Exploration Bill BUT with strong PSA provisions!
  
  To Say...
  "Don't sign the 2016 Petroleum and Exploration Bill withOUT strong PSA provisions!

  reply
• Kojo Tamakloe 9 years ago

  Lungu, you bloody idiot supported any nonsense and attrocity by Mahama and his NDC weeds but now making a U-turn to write this kind of hypocrite bullshit. You and Kwarteng, the two monkeys were jumping here and there praising ...
  read full comment

  Lungu, you bloody idiot supported any nonsense and attrocity by Mahama and his NDC weeds but now making a U-turn to write this kind of hypocrite bullshit. You and Kwarteng, the two monkeys were jumping here and there praising the NDC and attacking Nana Addo for no reason only because you people lack proper and critical thinking. What has come over you that you now attack Mahama. Do you have a skeleton in your cupboard? Silly billy Goat!!!

  reply
• Francis kwarteng 9 years ago

  You know this moniker-thief simply can't read, Prof Lungu.
  
  Oh Ghanaweb!

  You know this moniker-thief simply can't read, Prof Lungu.
  
  Oh Ghanaweb!

  reply
• Prof Lungu 9 years ago

  You Don't Say...."Kojo Tamakloe" is the impersonating moniker, of another moniker!
  
  Sorry we wasted our time!
  
  Greetings, Francis kwarteng

  You Don't Say...."Kojo Tamakloe" is the impersonating moniker, of another moniker!
  
  Sorry we wasted our time!
  
  Greetings, Francis kwarteng

  reply
• Kwame 9 years ago

  KOJO TAMAKLOE, SOMEBODY MUST HAVE PISSED YOU OFF OR SOMETHING. IF YOU DON'T HAVE ANYTHING TO CONTRIBUTE TO THE DISCUSSION, WHY DON'T YOU JUST GO HOME AND EXERCISE YOUR GIRL, WIFE, MOTHER OR SOMETHING. I DON'T BELIEVE FROM YOU ...
  read full comment

  KOJO TAMAKLOE, SOMEBODY MUST HAVE PISSED YOU OFF OR SOMETHING. IF YOU DON'T HAVE ANYTHING TO CONTRIBUTE TO THE DISCUSSION, WHY DON'T YOU JUST GO HOME AND EXERCISE YOUR GIRL, WIFE, MOTHER OR SOMETHING. I DON'T BELIEVE FROM YOUR TONE ANYBODY CARES WHAT YOU EXERCISE!

  reply
• Kwaku ayigbe 9 years ago

  I voted for Mahama last four years knowing that he is competent but this coming December I will not because I realize he doesn't care about this country and he is stealing all the countries money for his 17 kids from differe ...
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  I voted for Mahama last four years knowing that he is competent but this coming December I will not because I realize he doesn't care about this country and he is stealing all the countries money for his 17 kids from different mothers.naniama avuuuu kwashia

  reply
• Kwaku 9 years ago

  Obviously that guy don't know what he is doing.

  Obviously that guy don't know what he is doing.

  reply
• Francis kwarteng 9 years ago

  You know this moniker - thief simply can't read.
  
  Oh Ghanaweb!

  You know this moniker - thief simply can't read.
  
  Oh Ghanaweb!

  reply
• THE REAL C.Y. ANDY-K 9 years ago

  I don't real understand why these NPP scoundrels think stealing the names of decent pple to write their garbage can fool anyone?
  
  Why can't they just come out with their own monikers to spill their insults and nonsense on u ...
  read full comment

  I don't real understand why these NPP scoundrels think stealing the names of decent pple to write their garbage can fool anyone?
  
  Why can't they just come out with their own monikers to spill their insults and nonsense on us? We already know they have nothing up there anyway they can contribute to the serious issues they pollute with their vile insults.
  
  Andy-K

  reply