The declaration also specifies that the Mineral Oils Act provides in Article 12.1 that the state or any political subdivision of the State does not impose taxes, taxes, royalties or other taxes on the contractor, its subcontractors or related companies with respect to activities related to oil operations and the sale and export of oil that is not provided for in this article. Much has gone wrong in Ghana`s energy sector under President Akufo-Addo. We have reached the point where every time we see a joint memorandum from the ministers of finance and energy, we are worried. The Akufo administration has asked the country`s parliament to amend the Cape Three Points-Deep Water Tano (CTP-DWT) oil agreement and the South Deep Water Tank (SDWT) (AGM) production agreement. According to Yinson, this information is due to Aker Energy`s decision to postpone until further notice the activities of the DWT/CTP Petroleum agreement and the development of the project in the context of the COVID-19 pandemic. “The direct beneficiary of these promotional gifts would be the Norwegian multinational Aker Energy, which owns and controls Den Norden of Aker Ghana. The direct loser is Ghana. The cumulative medium- and long-term effect of all these promotional gifts would be a loss of national control over our precious oil resources, resulting in billions in losses to the nation and job losses. These changes would result in requests from contractors in all areas to review their current contractual terms in order to achieve equal treatment,” said Mr. Minority. This “Christmas gift” represents the most radical political attack on Ghana`s upstream oil sector since the beginning of the Fourth Republic.
The proposed changes will have the immediate effect of draining political decision-making, state regulation and state commercial participation in the upstream oil and gas sector (O-G) and destroying the development of local content. “The renegotiation of the AKER Energy, AGM Petroleum Agreement has watered down local content policy in the agreement. It has weakened the Oil Commission, which is the regulator. The upstream area was destroyed by this government. He said the initial agreement gave Ghanaians room to participate in the sector. However, the renegotiation by the current government has been the reason for local participation. The Ministry of Energy concluded by recommending that Mr. Mould and others who behave in the same way address the relevant institutions in the absence of information on any subject in the oil and gas sector, adding that as a former CEO of GNPC, he could not rely on uninformed commentators to obtain information on critical issues such as oil. “This Christmas present represents the most radical attack on Ghana`s upstream oil sector since the beginning of the Fourth Republic,” the minority said.
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