Former President John Mahama has issued a stern warning that anyone who causes financial loss to the state in connection with a new $800 million gas processing contract will face the full force of the law.

During his tour of the Greater Accra Region, Mr Mahama said that the amount involved requires parliamentary approval.

He cautioned that if the contract is not presented before Parliament, a future National Democratic Congress (NDC) government will hold those responsible accountable, ensuring they are prosecuted for causing financial loss to the state.

"….This week, our spokesperson on energy, John Jinapor gave a caution that there is a contract they want to sign with Ghana Gas for the second gas trade. For eight years, this government has not invested in extra gas. 

"So why is it that they are in a hurry to sign a contract for the second gas trade? Just because what they want to commit is to take their 10% and if it takes five years for the gas to come, they're okay. We are warning everybody who will be involved in this contract. If there is a financial loss to the state, they would be held responsible for that. 

"And for a contract valued at $800 million, I believe that it must be subjected to parliamentary approval. Because they want to avoid parliaments, they have set up their wishy-washy Ghanaian company as their fronts so that they don't have to go to parliaments because it's an international company. We are watching them. If there is a financial loss to the state, people are going to be held responsible for that," he said. 

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His statement follows a call by the Minority in Parliament earlier this week, urging the Ghana National Gas Company to submit the $800 million gas processing contract to Parliament for proper scrutiny.

Minority Spokesperson on Energy, John Jinapor, revealed that there is pressure on the Chief Executive of Ghana Gas to sign this high-value contract, which he claims has bypassed proper legislative review.

According to him, "The Minority once again has become aware of attempts by the Flagstaff House to compel the Chief Executive of Ghana Gas Company Limited to sign a contract for gas processing at a whopping cost of more than $800 million."

"The initial tender has to do with a company called Phoenix. Surprisingly and strangely, that company has metamorphosed into an SPV ostensibly to avoid parliamentary scrutiny," Mr Jinapor claimed.