The Minority in Parliament is asking for an immediate refund of about $100 million allegedly diverted from the Petroleum Fund by the government.
The Minority had earlier alleged that the Finance Minister had ceded shares from the 2021 Occidental (OXY) transaction in respect of the Jubilee and TEN Fields to an offshore company known as Jubilee Holdings.
Debating a report by the Committee on Employment, Social Welfare and State Enterprises on the audited financial statement of the GNPC for the 2019 and 2020 financial years, the Ranking Member on the Mines and Energy Committee of Parliament, John Jinapor said the move was initiated without parliamentary approval.
“If you go to page 2, subsidiaries of GNPC…nowhere is Jubilee Holding mentioned here. The Minority, therefore, demands that the $100 million that has been transferred by the Finance Minister to Jubilee Holding as captured in the PIAC Report, that money must, with immediate effect, be paid back into the Petroleum Holding Fund as envisaged in the Petroleum Revenue Management Act.”
He also alleged that “there is a certain explanation that GNPC borrowed money” which is in contravention of “Act 919 of the Petroleum Exploration and Production Act which states categorically in Section 15 and Section 32 that before GNPC can borrow such an amount they need Parliamentary approval, and they don’t have the approval.”
“Through our leader, Haruna Iddrisu, we intend to elevate this particular issue to its highest level. We cannot allow the nation’s resources to be dissipated in such a manner,” he added.
In tandem with the Minority’s allegations, the Minority Leader, Haruna Iddrisu called on the Mines and Energy Committee of Parliament to probe the alleged diversion of the Fund.
“Mr. Speaker, we are requesting the Committee on Mines and Energy and Committee on Employment to probe further because the PIAC Report 2022 recommends that the proceeds of liftings by Jubilee Oil should be paid into the Petroleum Holding Fund as the Committee is convinced that the proceeds form part of Ghana’s petroleum revenue.
“It is significant that Jubilee Holding is not listed as a subsidiary, so how come they will be holding up to $100 million of state resources?”
