Ghana’s Petroleum Worth US$62 billion; But Only US$6 billion Is For Country

A petroleum sector expert, Richard Amegatcher, has pointed out that Ghana’s petroleum resources are worth US$ 62 billion, but bad contracts and corrupt money circuits set up by politicians mean only 10% ( or some US$ 6.2 billion) will come to Ghana in the lifetime of the country’s proven oil reserves.

Even more bleak is Ghana’s expected gain from its natural gas reserves which is estimated at 0.8 trillion cubic feet. While foreign interests would take home about US$ 6 trillion from natural gas, Ghana will make a windfall of only 10%.

“The petroleum agreement that was signed by the leaders of Ghana, on behalf of the people of Ghana, after Ghana discovered oil, gave the right to the British company; Tullow oil, to own approximately 35% of the total oil reserve. An American company called Kosmos Energy owns 25%, another American company called Anadarko Petroleum owns 25%, another American company called Sabre Oil owns 2% and two individual American-Ghanaian called Kwame Barwauah Edusei and George Owusu own 2%. The remaining 10% is owned by GNPC on behalf of the people of Ghana,” Amegatcher elaborated.

As if this is not bad enough, he points out, the paltry amount likely to accrue to Ghana will possibly be diverted by greedy and corrupt politicians who have created loopholes that traffic the money into their own pockets.

Meanwhile, the GNPC which is supposed to apply whatever the country can get into development is busily funding unrelated projects including the activities of First Lady, Rebecca Akufo-Addo’s NGO and beauty pageants.

“…GNPC, the receiving operation of the funds has also decided to sponsor beauty pageants, and unrelated events that are not core to its mandates, instead, of pumping the money into developing skilled labour, and buying operational equipment to prepare for future operations, so that we wouldn’t have to depend on foreign companies who milk us unsympathetically,” the peeved energy expert noted.

Even more indicting, he points out that Ghana as an oil-producing country produces more than what it consumes domestically. However, instead of refining what it consumes, it exports it, gets the money and buys refined petroleum products from outside at higher prices for domestic consumption.

Consequently, even though the country is an oil-producing one, petroleum prices are high all the time.

“As if all that is not enough, Ghana consumes 88’000 barrels of oil per day, but produces an average of 100’000 of oil per day which is more than domestic need, guess what? Ghana export over 55’000 barrels per day, ( 56 %) because our hands are forced to do so, we claim we need the money more than the oil, after getting the money, then we use it to buy more oil in the international market for our domestic oil deficit, which is more expensive, to the consumer, so oil prices are always skyrocketing in a country that produces more oil per day than it consumes,” Amergatcher explained.