Politics

Oil Revenue: Former President Mahama Demands Immediate Refund Of Diverted $100M As Ghana Negotiates IMF Deal

Monday, October 03, 2022 at 1:32 PM by Ekow Annan

Former President John Mahama has raised red flags over the diversion of a $100 million oil revenue to another account
The former President says the move is alien to the laws of the land and is demanding the immediate return of the diverted cash
He joins a growing list of Ghanaians, including the Minority in Parliament, who want the Finance Minister to refund the money to the Petroleum Fund

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The alleged diversion of a $100 million oil revenue has placed the country on edge.

The latest to join the bandwagon on criticisms against the diverted petroleum revenue is former President John Dramani Mahama, who insists the move is alien to the country's laws.

Former President Mahama is demanding the immediate refund of the diverted $100 million oil revenue — L-R: Former President Mahama and Finance Minister, Ken Ofori-Atta Image Credit: JDMahama/Facebook
Source: Getty Images

The former President joins Civil Society Organisations and the Minority in Parliament to raise red flags over the diversion of the funds to another account.

'Diverted $100 Million Oil Revenue Is Most Disconcerting' - Former President Mahama

Taking to his Facebook page, Mr Mahama said the news of the diverted funds for unapproved expenditure is most "disconcerting."

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Referencing portions of the Petroleum Revenue Management Act (PRMA), the 2020 NDC flagbearer said the law is clear all such revenue due to the country must be accounted for by the Ghana Revenue Authority (GRA) and not used unauthorisedly by the Finance Minister, Ken Ofori-Atta.

"There can be no justification for diverting revenues accruing from the nation's share of petroleum resources into any other account aside the PHF. The Minister for Finance must as a matter of urgency repatriate all such illegal payments back into the PHF without delay as there is no record to confirm parliamentary approval on any such loans acquired by GNPC in thier work programme," he said.

PIAC, Minority Alarmed By $100 million Diverted Oil Revenue But Government Insists Funds Can Be Accounted For

The issue of the diverted oil revenue was first raised by a former chairman of the Public Interest and Accountability Committee (PIAC), who described the move as illegal. That position was supported by the NDC MPs, who said they were alarmed by the development.

But the government has debunked claims that the money cannot be accounted for.

According to the Chairman of Parliament's Mines and Energy Committee, Samuel Atta Akyea, the funds were used to settle a loan taken from the Ministry of Finance by GNPC subsidiaries to purchase shares in the TEN and Jubilee oil fields on behalf of the state.

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

Earlier, YEN.com.gh reported that PIAC had accused the Akufo-Addo-led government of squandering GHC3 million of Ghana’s oil revenue to organise capacity-building workshops for the Musicians Union of Ghana (MUSIGA).