How the NDC plundered $6B in Ghana oil cash

By Prof Lungu

"...To repeat, in nearly 6 years of oil production at the Jubilee Oil Fields under Mahama and his NDC party, Ghana received just $3.3 billion out of nearly $17 billion dollars in oil revenues...representing just 19.76% of total oil revenue...Mr. Mahama called their predatory and plundering scheme the "Ghana Hybrid System", now...consolidated into a law they enacted about 3 months ago they call Act 919...It is all a Ghana version of a 419-Royalty-Scheme to rob Ghanaians of their sovereign oil and gas wealth...

The important question now is, what is Akufo-Addo going to do about Ghana's oil contracts to ensure Ghana gets better than 50% of all oil revenues produced in Ghana? Ghana, it is your chance now: Ask Akufo-Addo what he is going to do...", (Prof Lungu, 14 Dec 16).

Dear reader, as at 30th September, 2016, just 2 month before the 2016 elections, Ghana had earned a meager US$3.320 billion, representing just 19.76% of total oil revenue of US$16,803,359,555. This is even far below the 42% "minimum government take" recommended by the US Government Accountability Office (GAO). 42% is the least expected to accrue to the host country from total production revenue for allowing sovereign oil and gas resources to be exploited in partnership with private oil corporations in any country. In fact, receipt by countries of better than 50% of total oil revenues is actually the norm in other African countries, Asia, Europe, and the Americas.

They will be remembered as cartoon characters, thieves, and hucksters!

It surely was a scandal to discerning Ghanaians and Ghana supporters when Mr. John Mahama, with the support of his NDC party, allowed the oil companies to trample upon the world standard Production Sharing Agreement and failed to collect Fair Trade Oil revenue for sovereign Ghana.

They permitted the foreign oil companies to collect more than $6 billion in extra cash, in addition to their Fair Share oil company profits.

To repeat, in nearly 6 years of oil production at the Jubilee Oil Fields under Mahama and his NDC party, Ghana received just $3.3 billion out of nearly $17 billion dollars in oil revenues.

The NDC called their predatory and plundering scheme the "Ghana Hybrid System", now transformed and consolidated into a law they enacted about 3 months ago they call Act 919.

It was a Trojan Horse of epic proportions, and still is, until Akufo-Addo and his NPP stop all that theft of Ghana oil money.

In the Mahama-NDC-bait and switch, the United Kingdom and American private interests used just $29 million to secure that extra $6 billion from Ghana while Ghanaians were hoodwinked on 'Oil Revenue Management'...It was an epic swindle, a sad and mischievous contract on Ghana, when Ghana ought to have received more than $9 billion.

The problem for Akufo-Addo is, a concession scheme, or any oil contract scheme other than Fair-Trade Oil Share PSA contract for Ghana's oil and gas that secure less that 50% of revenues will in fact be a betrayal and a sell-out of Kwame Nkrumah's Ghana, one more painful time.

And Akufo-Addo must inform Mr. Kobina Takir "Hybrid" Hammond that he is not going to ride the GOGIG Revenue Management Trojan horse with "Hybrid" Hammond or anyone, nor will he play the Mahama-NDC plunder games while the people of Ghana suffer for lack of income and development.

Ghanaians live in the midst of plenty but have now become a beggar Nation with a Mount Afadjato-sized bowl in hand.

Mahama and his NDC's Act 919, with its Ghana Hybrid System foundation, is a conspiracy hatched against the masses of Ghanaians for the benefit of the oil companies, some Ghanaian elite technocrats and politicians like John Mahama, Benjamin Daguda, Kobina Takir "Hybrid" Hammond, etc., and the countries where they send the plundered funds.

It is all a Ghana version of a 419 Royalty scheme to rob Ghanaians of their sovereign oil and gas wealth in the name of investment, that, like gold, diamonds and other minerals, will never materialize until Ghanaians receive a Fair Share of their own oil revenues that is better than 50%, to begin with.

The important question now is, what is Akufo-Addo going to do about Ghana's oil contracts to ensure Ghana gets better than 50% of all oil revenues produced in Ghana?

Ghana, it is your chance now: Ask Akufo-Addo what he is going to do.

Mr. Nana Akufo-Addo Dankwa, what are you going to do about the Ghana oil contracts to ensure Ghana gets better than 50% of its own oil income in Kwame Nkrumah's Ghana?

Subj: Fallen John Mahama -- How the NDC Plundered $6B in Ghana Oil Cash. Support Fair-Trade Oil Share Ghana (FTOS-Gh/PSA) Campaign/Petition: https://www.change.org/p/ghana-fair-trade-oil-share-psa-campaign-ftos-gh-psa/ Brought to you courtesy www.GhanaHero.com©16 Dec 16. (Powered by: www.GhanaHero.Com)