Audio By Carbonatix
A former Chief Executive Officer (CEO) of the Ghana National Petroleum Corporation (GNPC), Alex Mould, has challenged the government to come clear on the usage of the country’s oil revenue.
He said although the Petroleum Revenue Management Act (PRMA) stated that 70 per cent of oil revenue should be injected into infrastructure, the government was doing otherwise.
Interacting with journalists on the sideline of the Graphic Business /Stanbic Bank Breakfast Meeting in Accra Monday, he said if the government wanted to use the revenues for the Free Senior High School (SHS) programme, as it was currently doing, it should amend the PRMA to reflect as such.
“They [government] need to be very clear where they are spending the money, if they want to spend 70 per cent of the money on free SHS then they need to change the PRMA for it to reflect so.
“Spending money on free SHS is not a bad thing but we have to follow the rules of the game. We are supposed to spend 70 per cent of the oil revenue on infrastructure. The question is; have we done that?”
The breakfast meeting which was on the theme “Breathing new lease of life into the economy - Fixing the revenue and expenditure conundrum", was attended by a cross-section of the business community.
Mr Mould was reacting to an assertion made by the Vice President of Policy Think tank, IMANI Africa, Kofi Bentil that the country had performed poorly in the management of oil revenue despite laws made to streamline it.
Touching on the decision by Tullow Plc to lay off almost 30 per cent of the workforce, he asked the government through the Petroleum Commission to engage with the oil company over the matter.
He said Tullow needed to explain why it was cutting down cost in it only revenue generation fields in Ghana and transferring most of its support services to UK, contrary to the norm in business.
“That means that they are employing foreigners in the UK to do work that Ghanaians should be doing here, I charge PC to look at this very critically with Tullow”, he said.
He said moving core jobs including for drivers from Ghana to UK, would affect the revenue that the country should be making given that it would reduce the taxes they paid.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
The World Cup and the new geography of belonging
49 minutes -
World Cup 2026: The Stars that were a kick away from a semi-final 16 years ago, arrive in USA not as standard-bearers
59 minutes -
Sky Train trial: $2m loss was caused by Covid-19, defence lawyers argue
1 hour -
Petrol prices set for sharpest drop in months as fuel costs fall from June 16
1 hour -
Vehicle pollution, a leading risk factor for death in Ghana both the children and working class
2 hours -
GNFS intensifies fire prevention campaigns in Eastern Region
2 hours -
Presidency cuts political appointees by 124, but compensation bill jumps 148% and staff classifications raise questions
2 hours -
Retirees benefit from 7th health screening of Lordina Foundation
2 hours -
Sogakope residents storm ECG office over alleged overbilling, poor service delivery
2 hours -
BoG extends registration deadline for money transfer operators
2 hours -
Esiama Market to become commercial hub of Ellembelle – Kofi Buah
2 hours -
Black Stars to depart Rhode Island for Toronto today ahead of Panama clash on Wednesday
2 hours -
Wenchi 24-Hour Market project takes shape
2 hours -
Suaman MP urges NPP members to rally behind Dr Bawumia for victory 2028
2 hours -
Auditors’ Court to be established to prosecute audit offences – Ato Forson
3 hours