Minority Raises Red Flags Over Missing $100 Million Oil Money As Government Negotiates IMF Deal

• The Minority in Parliament is raising red flags over a missing $100 million oil money
• The concerns of the opposition MPs come at a time the country is seeking financial support from the IMF
• The NDC MPs also add that they will not sit unconcerned for the Akufo-Addo-led government to raid the national purse

Account for the missing $100 million oil money. That’s the warning from the Minority in Parliament.

The opposition MPs say over $100 million was illegally transferred from Ghana’s Petroleum lifting in the first quarter of 2022.

The Minority, in a statement issued on Wednesday, September 28, insisted the revenue from the Jubilee and TEN fields was illegally transferred to a company.

According to the caucus, this was done without due course to Parliament. That's not all, the NDC MPs also added that the illegal transfer of the proceeds violates the Petroleum Revenue Management Act, 2011 (Act 815) as well as the Public Financial Management Act (Act 921).

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A statement from the Ranking Member of the Mines and Energy Committee, John Abdulai Jinapor, accused the Finance Minister, Ken Ofori-Atta of offloading shares from a 2021 transaction to an offshore company in a dubious manner.

“….Revenues accruing from the nation’s oil fields are not being paid into the Petroleum Holding Fund (PHF), which has been confirmed in the 2022 semi-annual report on petroleum receipts by the Public Interest and Accountability Committee (PIAC).”

The Minority added that Ghana’s oil resources cannot be entrusted to the care of the current government and insisted that they will not sit unconcerned for the continuous raid of the national purse, especially at a time when the nation is struggling to raise much-needed revenues for critical expenditure.

Govt Blows GHC3m Of Ghana’s Oil Revenue To Build MUSIGA’s Capacity - PIAC Shockingly Reveals

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Earlier, YEN.com.gh reported that the Public Interest and Accountability Committee (PIAC) had accused the government of squandering GHC3million of Ghana’s oil revenue to organize capacity-building workshops for the Musicians Union of Ghana (MUSIGA).

According to PIAC's Technical Manager, Mark Agyemang, over 91% of the country’s total oil revenue had already been utilized.

Source: YEN.com.gh