Centre for Natural Resources and Environmental Management (CNREM), An oil and gas policy think tank, has alleged that Ghana lost about $902.45 million in the oil sector because some of the oil companies paid less taxes and royalties to the country.
According to the centre, although the oil resource is in Ghana, the county makes less than 20% of the revenue from the sector.
Speaking further on the issue on the media on Wednesday, the Executive Director of CNREM, Mr Solomon Kwakumey said his outfit had petitioned the Council of State on the matter.
He added that a meeting was subsequently scheduled where they presented their argument to the Council and the Petroleum Commission also did a presentation.
“At the meeting…the Petroleum Commission presented a report to the Council of State that Ghana had a $359 million for the six years of operation.”
He said after subjecting the Petroleum Commission’s report “to the terms of the Jubilee Field Agreement, Taxation and Accounting Principle we discovered that this is how much Ghana was losing which is $902.45. We were able to calculate how much we lost in royalties and how much we lost regarding taxes.”
Mr Kwakumey also said he has petitioned the government to move from the hybrid system and adopt the production sharing method to make more money from Ghana’s oil.
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