The Minority in parliament has expressed grave concerns over moves by government to renegotiate the AGM petroleum agreement entered into by the Mahama administration.
Speaking to the media Thursday as government presented an amended agreement to Parliament, former Energy Minister Emmanuel Kofi Armah Buah warned the amended agreement will greatly short-change Ghanaians.
Should the amendment be approved by Parliament, the AGM Petroleum block covering the South Deepwater Tano contract area will be handed to Aker Energy.
According to Mr Buah, the new agreement will reduce Ghana’s stake in the block from 48% to 18%.
“It is a pattern of this government somehow siding…always being on the side of big business against ordinary Ghanaians and it is a pattern that we have to be concerned about.
These government is developing a pattern of being on the side of big businesses against ordinary Ghanaians,” Mr Buah stated.
“Why do I say that?” he quizzed, pointing out that per the old agreement Ghana’s royalty was 10% and that as a result of the changing of the law under the NDC, the minimum negotiating point is 15 % which showed the renegotiation of the amended agreement.
But that was not the case, Mr Buah observed noting: “These are the places that worry me. The additional interest, we had 15% for Ghana. The additional interest you don’t do anything, you put in the agreement that when you discover the oil and we assure you have the oil, we will buy 15% stake.
“In this agreement they are reducing the 15% to 3% and then subsidiary of GNPC under the old agreement had 24%. In this agreement they are taking all that 24% and making it zero.
“From my initial calculation, it means that they are reducing Ghana’s stake in the amendment from 48% to 18%.”
“Now somebody has to come and explain to the people of Ghana how our stake, a country that is struggling so much for money will reduce its stake from 48% to 18%. We need to understand,” he required.
Source: Ghana/Starrfm.com.gh/103.5FM