Policy Analyst, Dr. Steve Manteaw, has taken a swipe at the Precious Minerals Marketing Company and the government for what he describes as a lack of transparency in their procurement processes within the extractive sector of the economy.
According to Dr. Manteaw, the sector has been bedeviled with corrupt practices which need to be addressed to save it from collapsing.
Speaking to Joy Business at the launch of the Ghana Extractive Industries Transparency Initiative on the Oil and Gas Sector, he charged Parliament to take a keen interest in pushing for a comprehensive report for the ‘Gold for Oil’ deal.
“You go onto the international market you use the proceeds for your gold sales to buy petroleum products, how are you procuring your petroleum products? Is it at a spot price or a hedge price?”
“What is the term with which you are procuring your petroleum products, there is no disclosure”, he added.
Furthermore, Dr. Manteaw said “At three critical points, the gold purchases by PMMC, there is no transparency in terms of the gold sales, who is buying and how is Ghana procuring it petroleum products; at what cost we don’t know. We need a comprehensive report on the ‘Gold for Oil deal”.
Some recommendations from the Ghana Extractive Industries Transparency Initiative on the Oil and Gas Sector Report include the amendment of Section 80 of the Income Tax Act, 2015 to exclude a gain from the assignment or other disposal of an interest in the mineral right of a company from income from mineral operations.
Also, it is important to ensure consistency by amending the applicable regulations to require payment of mineral royalties on monthly basis.
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