It may be quite late in the day, but Economist Kwamena Essilfie Adjaye is of the opinion that the state could have been earning more from the oil find if those who negotiated the contracts had applied more tact in their negotiations.

Mr. Essilfie-Adjaye is also raising concerns with the computation of the country’s share of the oil revenue.

He highlights aspects of the petroleum revenue share agreement that he says could have been handled better especially some of the tax exemptions.

He said while all exporting companies in Ghana were required to retain a certain portion of their export earnings (extension account), “Jubilee Field production and exports is exempt, they are not to retain any, they can take all out.”

Mr. Essilfie-Adjaye was addressing a workshop for journalists on Ghana’s oil and gas sector organized by the Revenue Watch Institute.

Source: Joy News/Ghana

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