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“May our oil be the authentic “black gold” which brings the Atramentous Star of Africa added absolution than gold brought the Gold Coast,” Kofi Bentil, IMANI, Ghana.
First, for the purpose of this discourse, we shall use the flagship Jubilee Field and its assembly achievement over the accomplished nine years to allegorize whether the corruption of the ‘black gold’ beneath the accepted Royalty Tax/Hybrid Arrangement could advance to or accelerate the ability of the President’s vision, Ghana Aloft Aid, or the acceptance of the Assembly Administration Agreement (PSA) would have.
We are application the Jubilee Field because the abounding approaching activity costs fabricated up of basic amount of $4.565 billion and Approaching Operating Costs of $3.435 billion for 23 years accretion $8 billion accept been recovered as at December 2016 with amount beat of $2.175 billion accretion $10.175 billion. Ghanaians are fabricated to accept that with abounding basic costs recovery, balance from assets taxes would go up, appropriately convalescent Ghana’s revenues.
The aloft affirmation by the Petroleum Commission, the Ministry of Mines and Energy, accurate by CSOs and Anticipate Tanks allegedly accomplish the Royalty Tax/Hybrid Arrangement aloft to PSA, but we anticipate contrarily because simulation abstracts and absolute abstracts so far do not abutment their claim, as we shall attack to use advice on Jubilee Fields accessible to us to prove that this affirmation is wrong.
In the additional part, we shall appraise the absolute operating after-effects of the three assembly fields, Jubilee, TEN and Sankofa as at December 31, 2019, and appearance what Ghana has becoming beneath the Royalty Tax/Hybrid System, and what would accept been the position if the world’s adequate accepted PSA was adopted.
The acceptance of the PSA, we acerb believe, could accept led to the accomplishment of the President’s vision, Ghana Aloft Aid and, the ultimate, Ghana Aloft Loans.
Our assay would be bound to the aloft sources of revenue, Royalties, Carried and Participation Interests and Corporate Taxes.
Summary of Oil Assembly At Jubilee Fields
From December 2010 – December 2019
Barrels of oil Extracted and Distribution of Revenue:
Ghana vs Architect Parties
Note Source of Data: Petroleum Receipt and Distribution Report from January 2011 – December 30, 2019, Ministry of Finance.
Analysis of Ghana Take
US$ % of Absolute Revenue
Total: 4,488,039,862 20.07 %
Analysis of Architect Parties’ booty US$ % of Absolute Revenue
Total Activity Amount Capex (Including Exploration and Appraisal) 8,472,000,000 37.89%
Total Approaching Operating Costs for 23 years 3,435,000,000 15.36%
Net Accumulation afterwards Taxes Declared 5,966,774,501 26.68%
Note 1. A recalculation of Royalties on absolute acquirement generated shows a abbreviate abatement of $53,513,393.
One expects that with abounding accretion of the aggrandized Basic Activity Costs of $8.472 billion at the end of 2016 Corporate Assets Tax would accept bigger as Ghanaians were fabricated to accept by the Petroleum Commission and the Ministry of Mines and Energy in the afterward consecutive years. It was rather the reverse. Annual boilerplate for the aboriginal 6 years was $92.17 actor but alone to $78.22 million, which nullifies and disproves the assertions of the Petroleum Commission and the Ministry of Mines and Energy.
Applying the arrangement of Jubilee Phase 1 POD Final Version to the Accumulative acquirement abstracts of $22,361,814,363 as at 2019, beneath are the position of Ghana and the Architect Parties.
US$ % of Absolute Revenue
US $ % of Absolute Revenue
Under the aloft analysis, absolute contributed Corporate Assets Taxes due Ghana from all the Architect Parties in the Jubilee Fields is (3,702,249,561-704,081,388) $2,998,168,173.
Despite recouping of the abounding Approaching Absolute Activity Costs of $8 billion, accustomed in Jubilee Phase 1 POD Final Version which Ghana is still accidental to and authoritative net accumulation afterwards tax of $6.875 billion, Tullow continues to acquaint Ghanaians they are authoritative losses and accordingly would not be advantageous taxes.
If the simpler to accept and adjustable to administer PSA was circumscribed and adopted and demography the abject of the Least Minimum Government Booty of 42 per cent of absolute assembly acquirement recommended by the USA Accountability Office (GAO), Ghana would accept aerial 117,703,154 barrels annual $9,391,962,032, instead of 40,306,271 barrels and absolute balance of $4,488,039,862 at a amount beneath the Royalty Tax/Hybrid System. The Contractors would accept aerial 162,542,451 barrels annual $12,969,852,331. Beneath the PSA model, Ghana is not accommodating and the Contractors are exempted from advantageous acceptation and consign duties and Corporate Assets Taxes with abounding Basic Costs Recovery.
On April 3, 2018 and July 3, 2018, we lodged a complaint with the Commissioner Accepted and the Board of Ghana Acquirement Authority appropriately adjoin the Jubilee Partners for not advantageous the adapted assets taxes due Ghana. We were asked to go and acquisition out from Petroleum Commission why the Jubilee Partners were not advantageous the taxes we begin due to Ghana by the Head of the Petroleum Department at the Large Tax Payers Office of the GRA.
Summary of oil assembly in all fields as at December 31, 2019
Barrels of oil Extracted and Distribution of Revenue:
Ghana vs Architect Parties
Distribution of Revenue
Analysis of the Ghana take
US $ % of Absolute Revenue
Production Administration Agreement (PSA)
If Ghana had adopted and circumscribed the PSA which PNDC Law 84 accurate and taken the Least Minimum Government Booty of 42 per cent of Absolute Assembly Acquirement set by US Government Accountability Office (GAO) which should accumulate to a host country for acceptance its Oil and Gas Assets to be exploited, Ghana would accept aerial 149,351,985 barrels of oil annual $10,987,991,668 as adjoin $5,144,777,580 apery 19.67 per cent of absolute assembly revenue.
At the high absolute of 60 per cent additionally set by GAO, Ghana would accept aerial 213,359,979 barrels annual $15,697,130,955 as adjoin $5,144,777,580 as at the end of December 31, 2019 afterwards advantageous a Cent or a Pesewa on Basic Development Amount and Daily Operating Expenses. Currently, Ghana is declared to be advantageous about $150 actor annual as operating costs to Tullow and ENI beneath the Ghana Hybrid Arrangement (Energy Group, Africa Region, Apple Bank, June 2013).
At the high absolute Ghana absent $10,552,353,375 from the three assembly fields for not adopting PSA, an boilerplate of $1,172,483,708 per year.
Meanwhile, the Norwegian Government earns as abundant as 64 per cent of absolute assembly acquirement from its oil contracts.
The ambit in sub-Sahara Africa is amid 44 per cent to 85 per cent of absolute assembly revenue.
For example, Libya takes 81 per cent, Nigeria and Congo Brazzaville booty 70 per cent, Angola, 64 per cent, Equatorial Guinea, 59 per cent and Mauritania, 50 per cent.
Considering the facts above, which of these two arrangement types would actuate the ability and accomplishment of the President’s Vision, Ghana Aloft Aid, in the beeline accessible time?
If the corruption of the ‘black gold’ is the base for your eyes of Ghana Aloft Aid, again in our holistic appraisal and judgment, it is a delusion which cannot be accomplished at any point in time so connected as the Planet Earth exists, if we connected to administer amiss behavior in the administering of our accustomed resources.
Ghana has absent it all several decades ago and is on the border of accident the aftermost opportunities that the oil provides in the ablaze of what antecedent leaders of Ghana accept done, which are actuality accelerated beneath the accepted government.
We alarm aloft Professors and Doctors of Political and Development Economics to acquaint Ghanaians how the President’s eyes of Ghana Aloft Aid could be accomplished in the face of prevailing altitude whereby Ghana’s alluvium accustomed assets and others are controlled by foreigners beneath actual camp and astonishing agreements in the name of alluring investments? Investments that accord Ghanaians crumbs falling from the tables of the adopted exploiters of these resources.
Between 90 per cent and 98 per cent of adopted barter balance generated from gold, bauxite, chunk and manganese are retained alfresco by the adopted exploiters, now we accept oil and the adventure is the same, about 80 per cent absolute balance are retained by the adopted oil company.
We appetite to complete a agenda of caution, the President’s eyes cannot be accomplished on the aback of abundant taxation of citizens, but through a fair and candid allotment of the abundance generated in corruption of our absolute accustomed resources.
The Centre for Accustomed Assets and Environmental Administering (CNREM) and the Fair Trade Oil Allotment – PSA Campaign Team accept empiric and acclaimed with grave affair aloft all reasonable doubts that the British, through the Commonwealth Secretariat, and the Norwegians accept conspired to mislead and abominably advising Ghana in absorption to the administering of her upstream oil area to their advantage and others.
The Commonwealth Secretariat was secretly amenable for alteration the PSA acknowledged framework which was on our statute books afore the bartering oil analysis in 2007 to the aberrant and adulterated Royalty Tax Arrangement which is now alleged the Ghana Hybrid System.
The Archetypal Petroleum Agreement of Ghana clandestinely aback anachronous August 17, 2000 abetment the Royalty Tax Arrangement was banned in to alter The Archetypal Assembly Administration Agreement of 1995 amid the Ghana Government, the GNPC and the Architect during Ex-President Kufuor’s administering to accommodate with the agreement in the Kosmos Arrangement and consecutive ones that followed. Mr. Tsatsu Tsikata is in a position to affirm to the definiteness of the aloft annual of facts.
The Mahama administering had all the opportunities in the apple to about-face the trend but rather circumscribed it to the damage of Ghana. They abutting the gravy alternation set in motion by Ex-President Kufuor’s regime.
In the words of Nana Osei Bonsu,the CEO of PEF on September 20, 2013, “The NDC Government does not appetite to bedrock the boat”.
Sir Paul Collier, Professor of Economics, University of Oxford brash Ghana not to archetype Norway blindly in his countdown accent at the 2012 New Year School at Legon because of the differences in the ambiance and capabilities of the two countries.
Ghana did not accept but went advanced and anesthetized the best arrant and bread-and-butter bullwork Ghana Hybrid Arrangement law Act 919 beneath Certificate of Urgency about midnight of August 4, 2016; beneath burden and cunningly and accidentally teleguided by the USA and British Embassies, the Apple Bank and Oxfam America through the CSOs and Anticipate Tanks adjourned by them. This activity by the Parliament of Ghana gave angary to oil affairs which ahead were actionable because they were at alternative with the absolute acknowledged anatomy assignment which accurate PSA.
ACEP became de-facto baton and advocate of these CSOs and Anticipate Tanks. Its accomplished top executives, who are now the Minister and Deputy Minister of Ministry of Mines and Energy, accomplished the cabal adjoin their own country through canard and bookish accessible deceits claiming the ahead of the Hybrid Arrangement over PSA and that there is annihilation like PSA any longer.
ACEP and Acquirement Watch Institute, both set up by the Western interests, were amenable for misinforming and apprenticeship every area of the accessible that Ghana was accomplishing right.
On annual of the FTOS-PSA Campaign Team, we alarm aloft Mr. Peter Amewu, Dr. Mohammed Amin, Professor Kwaku Appiah-Adu of Central University Ghana, Professor Kwamina Panford of North-East University, USA, and Professor John Asafu-Adjaye of IEA to appear out and acquaint Ghanaians area on the African abstemious the Hybrid Arrangement is alive altogether and adopted to PSA in this 21st Century. Are their analogue classes in adjoining countries – Togo, Liberia, Sierra Leone, etc. – wiser and added able than them?
Are they adage the accepted budgetary arrangement whereby Ghana accept handed over her birthrights and absolute accustomed assets backdrop to foreigners for crumbs is the best?
Respected Mr. Kwame Pianim, if you knew PSA was a bigger budgetary regime, why did you not admonish for its adoption?
Mr. Emmanuel Kofi Duah, how does the Act 919 which you claimed is able-bodied assure the absorption of Ghana, if 80 per cent of absolute acquirement accruing from the oil and gas goes to the foreigners?
Mr. Moses Asaga, is the Royalty Tax Hybrid Arrangement accomplishing about the aforementioned after-effects as the PSA you claimed 10 years ago?
With due respect, Nana Otuo Siriboe II, we accept provided the Council of Accompaniment added than acceptable added and bigger particulars you requested for on March 21, 2017.
Sir, accept the Council of Accompaniment fatigued the absorption of the President to the complete robbery in the name of advance demography place? Horrible agreements that would anticipate accomplishment of his eyes Ghana Aloft Aid are actuality supervised beneath his watch. In our estimation, Ghana would be accident over $80 billion additional beneath the Exxon Mobil and Aker Agreements. Equally $30 billion loses from Jubilee Field is to be expected. At the end of 2019, Ghana absent over $10 additional billion operating beneath the Royalty Tax/Hybrid System
Nana Adjoa Hackman, affiliate of GNPC Board in her paper, “Was Ghana Appropriate in allotment Royalty Tax for the oil sector” accepted on folio 18 that appropriation alms is added beneath PSC, and back beneath PSC it is oil achievement that is aggregate amid the Accompaniment and the contractor, added appropriation alms by the Accompaniment would accomplish greater acquirement beneath PSA/PSC than the Royalty Tax System.
Ben Dagadu, above Deputy Minister of Petroleum, said PSA could accord the country over 50 per cent of the accrued money while beneath the concessionary arrangement a absolute nation gets beneath than 25 per cent of absolute acquirement accrued. Graphic Business Tuesday March 8 – 14, 2016.
Prof. Austin Gareth on the belvedere of IEA declared: “It will be bigger to accumulate the oil acquisition underground if its corruption will go to annual expatriates or adopted investors at the amount of nationals.” September 2017.
The IEA followed with a appointment in December 2017 beneath the theme, “A Decade afterwards Oil Analysis in Ghana: The Bread-and-butter Impacts and Activity Implications”, and at the end of the conference, alleged aloft government to booty accomplish to analysis oil affairs with extractive firms and abhorrent the poor balance by Ghana on the anachronistic PNDC Law 84. We advised this annual actual erroneous and not to be accurate and challenged it.
The Fair Trade Oil Share–PSA Campaign Team wrote a acknowledgment and broadcast it to all the aloft media houses, including Graphic but they all banned to broadcast it, an adumbration of the sad abetment of the media in the cabal to awning and adumbrate the accuracy from Ghanaians and accumulate them in complete black forever.
Our catechism to IEA is, would they accept alleged for a analysis of the oil contracts, if Prof. Austin Gareth had not fabricated that acknowledgment on their platform?
It has been over 2 years back their alarm for a analysis of the oil contracts; what accomplish accept they taken appear accomplishing that? If IEA had been complex in abaft the aperture consultations with government on the issue, government would not accept gone to Parliament with those amendments to Act 919 which added worsened the Ghana Aloft Aid eyes of the President.
The Parliament of Ghana has betrayed the censor and aspirations of Ghanaians, arch them into bread-and-butter bullwork and bondage.
Until accession of Prof. Austin Gareth, IEA, CSOs and added Anticipate Tanks accurate the arrangement in place.
The Petroleum Commission, a academician adolescent of the Western interests, GNPC and the Ministry of Mines and Energy are accommodating and acceptable the foreigners to rob their own country in the name of alluring investment. The CSOs and Anticipate Tanks, agents of neo- colonialism, are actuality acclimated to baffle the masses to assure the interests of their paymasters.
Mr. President, your eyes Ghana Aloft Aid is a allegory which can never be accomplished because the activity and accommodation makers surrounding you are cutting you in the bottom and actively ambiguous you. They are rather attention the interests of foreigners as adjoin the interests of Ghanaians, while they are fabricated adequate at the amount of the accepted acceptable and abundance of all.
The activity of our assignment bearers, the Parliament of Ghana and Government, accept abandoned the UN Resolution on Permanent Sovereignty over Accustomed Resources, Accepted Assembly Resolution 1803 of 1962, reprinted in Accepted Assembly Resolution 3171 of 1963 and the Charter of Economics Rights and Duties of State, Accepted Assembly Resolution 3281 of 1974 which Ghana is a attestant to.
“Ghana’s Petroleum Budgetary administering should be adapted to ensure best connected appellation acquirement generation, alike if the accompaniment is not fiscally abased on oil revenue. Abundant of the administering is currently formulated to allure advance to a adolescent industry. Given the connected ability horizons of its anew apparent reserves, Ghana is in a position to accomplish measures that will ensure long- appellation acquirement stability. These measures should annual for government’s alteration banking position, and the aberration in oil prices. The administering can additionally accomplish greater booty by accretion the state’s administration in assembly administration agreements”. Sara Zedingle Ghebremusse (2014). Assessing the Petroleum Budgetary Regimes of Nigeria, Ghana and Cameroon, Published apriorism for a Master of Laws, Faculty of Law, University of Toronto.
Ghanaians, deathwatch up from your coma and chargeless yourselves out of this bread-and-butter bullwork and accomplish Ghana Aloft Loans instead of Ghana Aloft Aid.
“The alone affair all-important for the celebration of angry is for acceptable men to do nothing,“ Edmund Burke.
By Solomon KwakwukumeExecutive Director/CEOCentre for Accustomed Ability and Environmental Management
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