The Managing Director of the Ghana National Petroleum Corporation has denied allegations that $55 million has accrued to government from the sale of oil at the Saltpond Oil Fields.

During the 2008 Budget debate in Parliament, the Minority Spokesperson for energy and MP for Nabdam, Moses Asaga said the $55 million from oil sales had gone missing and questioned why information on oil sales was not reflected in the 2008 Budget statement.

Though former Deputy Energy Minister, K.T. Hammond refuted Mr. Asaga’s claims but he did not give the current sales figures and how much has accrued to government.

But the GNPC Boss, Moses Oduro Boateng says no money is missing and the figure quoted by Mr. Asaga is inaccurate. He said since 2002 the Saltpond oil producing company has drilled more than half a million barrels of oil with total sales of $24 million while government has received a three percent royalty on the amount.

Mr. Boateng explained that the cost of production of oil at the Saltpond Oil Fields has gone up, while the sale of oil has also profited from the high prices of oil.

He said revenue from the royalties is paid into a special account at the Bank of Ghana.