By Dr. Kofi Newman, Andy Kwawukume, J. Y. Fiebor (MBA), FTOS-Gh PSA Campaign

In Part 2 of this series, we highlight several deficiencies we’ve identified in oilfield contracts that were effective between Ghana and FOCs (foreign oil companies) during 2004 – 2018, recognizing that the first-level controlling legal statutes are PNDCLs 64 and 84. However, contrary to these, government policies have continued to foister a neo-colonial Ghana Hybrid oil fiscal system that does not guarantee a fair share of oil revenues for Ghana, that was not even the law until the fateful day in August 2016 when the garbage law Act 919 was passed to retroactively back the illegalities. We note that no current or former president ever announced that Ghana has ever had its fair share of oil revenues since 2010, when oil began to flow in Ghana. We analyze dubious, unhinged, and bewildering statements by former and current officials who now berate Ghana Revenue Authority (GRA) for doing their job; who are demanding that Ghana allow the FOCs more freedom and even greater share of oil revenues to entice them to remain or invest; who have gone around the country misinforming Ghanaians that Ghana does not pay a pesewa for exploration, development, or production of oil so that the FOCs are actually entitled to what they are taking, and are doing us a favour by giving Ghana something, at all. (Sadly, some of the same issues affect the larger Ghana minerals sector, and is not limited to just petroleum/oil).

On 7 November, 2024, Graphic Online published a news story sourced to theguardian.com titled, “Guyana citizens to receive £370 each in payouts from ‘mind-boggling’ oil wealth.” Oddly, Graphic, Ghana News Agency (GNA), and most Ghanaian press and media have long neglected to publish papers by the Fair-Trade Oil Share-Gh (FTOS-GH) PSA Campaign. It is no surprise to us that Graphic Online has, as far as we know, not bothered to also inform their readers that FOCs have paid Guyana $18 million in bonus simply for signing contracts before a drop of oil was ever extracted/lifted in Guyana. Graphic could ask: Where are the Oil Bonus Cheques, Ghana?

Therefore, the issue why Ghana has not received a single pesewa or dollar in oil signing bonus is one all objective Ghanaians, regardless of political affiliation, should ask of every current and former member of Parliament, every current and former President, every current and ex-political appointee and leader at the Ghana Petroleum Commission, Ghana National Petroleum Corporation (GNPC), Public Interest and Accountability Committee (PIAC), and Ghana Revenue Authority (GRA). You see, as we discussed in Part 1 of this series, bonus payments are a key essential feature of any PSA contract for sovereign oil worth the name.   

Moving on with Part 2, we, the members of FTOS-Gh PSA Campaign Team, want Ghanaians to know that we are neither against foreign investments, nor do we think Ghanaians, being sovereign owners of the natural resource, expect favours from oil companies, including foreign-owned. We believe that as owners of depletable natural resources (oil, in this case), Ghanaians expect prudent and arms-length ethical negotiations that yield to Ghanaians fair and equitable share of oil revenues for sovereign Ghana (as owner-cum investor) and the FOCs (as operators and lessees). This is best accomplished under a transparent and effective fiscal system that faithfully adheres to current law and balances Ghana’s economic needs and the nation’s development objectives on the one hand, and the economic interests of the oil companies on the other. That should be an important pillar for Ghana’s National Development and Socio-Economic Transformation through the rejection of neo-colonial artefacts and paradigms that continue to impede Ghana’s development agenda, progress, and sovereignty.

In recent days, following Mr Tsatsu Tsikata’s keynote address at the CSJ Leadership Dialogue event titled, “Can Ghana Rises from the Ashes?”, several current and former public officials have resorted to issuing uncoordinated, dubious, and bewildering statements about the need to allow the oil companies more freedom and even greater share of Ghana’s oil revenues.

Of note:

• Mr. Egbert Faibile, currently at the Ghana Petroleum Commission, says there is a “need” to reduce Ghana’s statutory 15% participating interest in oil development in order to attract more foreign investments. Mr. Egbert Faibile neglects to inform Ghana that the GNPC actually pays the FOCs fully for the cost of that development, after exploration. Further, as many attentive Ghanaians are bemoaning the decline in oil revenues, Egbert Faibile did not take time to inform his audience that the 15% participating interest currently provides the greatest share of oil revenues for Ghana (59%), compared to royalties (24%), corporate income tax (15%), surface rental (0.13%), etc. Considering that beyond revenue the participation interest goes towards building the capabilities and capacity of GNPC, is Egbert Faibile seeking to transform GNPC professional staff into a cadre of inspectors of oil company documents they may even be ill-prepared to understand? (Our analysis of royalty payments showed that the PC was previously wrongly calculating money due Ghana, resulting in loss to Ghana, which is discussed below, in this paper).

•  Mr. Samuel Atta Akyea, former Chairman of Mines and Energy Committee, and MP for Abuakwa South Constituency, blames and chastises the GRA for doing their job because the GRA is demanding from Tullow Oil refunds and payments for unearned “…capital allowances, expenses, and tax exemptions”. Mr. Akyea is wrongly crediting the “decline in petroleum production” to the “unpredictability of Ghana’s regulatory environment”, which sounds to us like a Tullow/oil company talking point. However, given that Tullow Oil found it convenient to send the case to international arbitration in the UK, a foreign country without prior notice to Ghanaians, this Akyea assault on the GRA should be seen as totally without merit. How is it that Mr. Akyea is unable to grasp that the GRA is merely trying to correct errors and omissions some of which actually predate his assumption to that “honorable” office in Ghana’s Parliament? We would ask the same question of all former and current officials who have had a hand in foistering the ineffective, neo-colonial Ghana Royalty-Hybrid system on Ghanaians. As we’ve shown many a time, Ghana’s economy and development plans would have benefited more from a robust Production Sharing Agreement that was fully compliant with current law, is transparently administered and widely published in the international press for the awareness of all competing FOCs.

And so, we say a big kudos to GRA staff and lawyers working on the Tullow matter now at the International Chamber of Commerce in the UK, or in Ghana. Staff must know that Tullow actually does not have a good record in court. To the point, Tullow Oil and its Ghana subsidiary lost two cases back in 2018 in those same courts:

1. Tullow Oil Ghana Limited (Tullow) vs Seadrill Ghana Operations Limited (Seadrill) (2018). (Tullow loser)
   1. Tullow Ghana Limited (Tullow) vs Kosmos Energy Ghana HC (Kosmos), “in relation to share of the liability of costs related to the West Leo rig” (Tullow loser).

• Recalling GNPC Staff – Mr. Osei Afriyie (IFEJ Documentary on Keta Basin Petroleum Exploration Sensitization Event, 2017) as an example of government officials who have been working against the interest of Ghanaians by feeding them blatant lies.  We are aware that the World Bank, Oxfam America, STAR Ghana, DFID, NRGI and others were actively behind the passage of the Petroleum Exploration and Production Law (ACT 919) that continues to rob Ghanaians of our oil wealth in the name of attracting investment in favour of foreign, vested interests, and their local collaborators they founded and/or funded. This theft of oil revenue continues to occur under a litany of blatant lies, calculated deceptions, and concealment of information from the chiefs and people of Ghana, too. Much of the deception is now in the public domain as represented in a video of a 2017 Keta basin petroleum exploration “sensitization” event for citizens. During the event, GNPC staff, in response to a question by a citizen (Mr. Freedom Vitashie) repeated the blatant falsehood some current and former government officials have been feeding the nation — that Ghana is only getting a little share of the Jubilee oilfields revenues because Ghana does not contribute a single pesewa to produce oil, that all risks are borne by the FOCs, saying:

“Ghana, we don’t add one pesewa. The current oil that we are producing that we are fighting for…we didn’t contribute one pesewa. It is by virtue that we signed good agreement…We have Petroleum Commission that oversees everything that we do…”, (Mr. Osei Afriyie, GNPC Staffer, IFEJ Documentary on Keta Basin Petroleum Exploration Sensitization, 2017).  

The chart below disproves the GNPC staffer’s statement that Ghana does not contribute a single pesewa toward the production of Ghana’s oil. Between 2015 and 2020 alone, GNPC spent nearly $1.3 billion ($1,253,100,000 to be exact) on development and production activities associated with Jubilee, Sankofa and TEN Oil fields. For the Jubilee Field alone, the grand total expenditure by GNPC from 2011 to 2020 was $683,644,478. Again, recall that the GNPC has been in existence since 1984, and was actually created out of a then-existing public agency – the Ministry of Fuel and Power. Whichever way you look at it, the stupendously over-inflated exploration, development, and production cost of Ghana’s oil, compared to similar projects elsewhere in Africa and the rest of the world, is another matter worthy of consideration and discussion by the public.

Unfortunately, nobody from the GNPC or Petroleum Commission took time to correct Mr. Afriyie at that Keta “sensitisation” forum. How any GNPC staff member working in that agency that was established in 1984 with a mandate for oil exploration and development could inform citizens the government does not pay a pesewa for oil production is a good question Graphic and the media could ask of GNPC and their staff.

• Errors in Collection & Reporting of Royalties by Petroleum Commission: Then, there is this small matter of errors committed by the Ministry of Finance and the Petroleum Commission in the calculation of amount of royalties Ghana reported receiving. In a presentation to Ghana’s Parliament in 2016, the Petroleum Commission made statements that were wrong and misleading regarding royalties paid to Ghana by Tullow and Kosmos. This is in regards to the Deepwater Tano (DWT) & West Cape Three Point (WCTP) contract areas. At a minimum 5% royalty, Ghana ought to have received $300,000.00 more than was reported for the period 2010 through 2014.

In the presentation to Parliament (See Petroleum Commission “OVERVIEW” data in below chart), the errors were found to be related to collection of royalties after certain operating expenses by the FOCs, rather than from gross revenue, which is the correct way. For any and all PSAs worth that tag, royalty is collected from the top – before any expense (See direction of Arrow in the Chart). The Petroleum Commission utilized the same erroneous methodology in estimating future “Ghana-Take” when the price of a barrel of oil would be $60.00, versus $80.00 per barrel. For compliance and accountability, royalty must be taken from gross oil production, before OPEX, per terms of the contract between the Government of Ghana and the foreign oil company (Tullow, Kosmos, etc.). As far as we know, the Petroleum Commission did not return to Parliament to provide additional clarification on this matter.

When these kinds of disgusting lies, errors, and propaganda that require no degree in law, accounting, or public policy to properly label as bogus, faulty, and suspicious, were challenged in a public forum on Ghana’s oil and economic development by Mr. Solomon Kwawukume, our National Coordinator, he was asked to apologise to some of the same liars, which he rightly refused. Because of that, he was denied permission to present our case even though he was officially invited by organizers of that event. The liars must now apologise to Ghanaians for causing humongous financial loss to the nation. Ghana is actually contributing billions of dollars towards the Jubilee Fields (and the others), having funded all costs of exploration and acquisition of seismic data – the first stage of oil extraction – since 1984; actually, since Kwame Nkrumah’s presidency, and prior, to the days of the Gold Coast Geological Survey (GCGS), as far back as 1913. It is only diabolically devious officials in the pay of neo-colonialist profiteers and filibusters who can going around telling lies that Ghana is not contributing to winning the oil. We’re saying Ghana does not to need to contribute beyond what Ghana is already contributing and still be entitled to at least 60% of the oil extracted, just as in most African countries.  

In sum, by depriving Ghana of PSA and higher rates of revenues (royalties, carried participation interest, domestic market obligation (DMO), bonus, etc., it appears some current and former government officials decided to transform Ghana’s Oil Fields into a cash cow for the FOCs for what they could get and, indeed, got out of it, for themselves, for their families, and for friends. For instance, it has been widely reported in the press that about 5% “free” shares of the Jubilee Fields were shared between the EO&E Group who got about 3%, and about 2% for President Kufuor through Sabre Oil (the front company he set up, which shares were later sold to KOSMOS and then to Petro SA of South Africa). And there were sweet deal contracts in the millions of dollars like the one Mr. Tsatsu Tsikata received, which he conveniently left out as a contributory factor to the raw deal Ghanaians are receiving at the recent event where he was the keynote speaker on the evolving Ghana oil curse and “ashes”. We speculate access to GNPC hierarchy (he was after all the former CEO of GNPC) could have assisted Mr. Tsikata in scoring that contract. Or maybe, the contract was consolation to pacify him for his wrong imprisonment, to buy his silence, considering the wife was reportedly also handed the plumb PR for the FOCs job. Perfect cooptation into the ranks of the neo-colonial comprador bourgeoisie, with the Bible in one hand to mesmerise the masses. Smart, isn’t it?

Finally, there are the self-serving reports by the FOCs (Tullow, for example) touting their corporate social responsibility programs and expenditures (providing computer tablets, dormitory blocks, desks, for Ghanaians and some communities), reportedly worth about $1b, with hardly any projects in Ghana worth half of that amount to point to. And then, there is GNPC and their profligate spending, for what, most Ghanaians have no knowledge or clue. As New Patriotic Party (NPP) MP Mr. Takir A. Hammond once remarked while also complaining Ghana’s parliament has no power to sanction GNPC, oil dollars were thrown at some people and projects like confetti:

“…We do not understand this…how some of these decisions are taken. You will recall I raised it…so much money was given to people who have left the corporation so many years ago…money in their hands has become something like confetti, splashing it all over the place”, (February, 2016).

Could it be that this other big defender of the Ghana Hybrid System, Mr. Takir A. Hammond, was now fed up and felt he had to complain about the Tsikata contract and his golden parachute on account the same GNPC would have had to sign off on that “deal”?

Yet another matter is the new Tullow Oil practice of approving sweet deal sole-source contracts such as the Bumpty-engineered/backed $150m contract that Mr. Kevin Taylor exposed in a recent video. How a routine oil facilities inspection, maintenance and repair contract ballooned into a $450 million gravy for a couple of well-connected, novice, companies with little track record in the industry should be concerning to all Ghanaians. (We cover that case in Part 3 and congratulate Mr. Kevin Taylor and the “With All Due Respect” program for their good governance advocacy efforts).

[Watch the Mr. Brad Pitt & Ms. Rachel Boynton film & documentary titled, “The Big Men”, to get a gist of how Ghanaians are being looted by FOCs, essentially the subject of the FTOS-Gh PSA campaign’s lamentation of woes and hopes for mother-Ghana when it comes to Ghana’ oil and mineral resources].

In another article, we pointed out Tullow’s disinformation on their website, claiming falsely that Ghana signed PSA agreements with them in order to derive optimum benefits from its hydrocarbon discoveries. The link, still available, is reproduced below even though the page has been modified and the document removed, (https://www.tullowoil.com/sustainability/shared-prosperity/transparency/ghana-psa/).

These falsehoods, disinformation and propaganda led to some citizens, including some of the people who signed our Change.Org petition, to question why the FTOS-GH PSA campaign was fighting for what Ghana was already getting, and had. All of that has continued to deflect attention from a critical look at what has been happening in Ghana by the hands of profiteers and nation-wreckers as Ghana’s oil revenues have disappeared under the “Big Men” tables.

Regrettably, even our Presidents, from President Atta Mills, to John Mahama, to John Kufuor, to Akufo Addo, to members of Council of State, and President J.J. Rawlings, failed to do due diligence. According to estimates by PIAC, $31.22 billion is the total value of oil extracted from 3 production fields by the FOCs during 2010 – 2020. In that first decade, Ghana earned $6.55 billion, representing about 21% of the total oil revenues from the 3 fields. The FOCs on the other hand earned $24.67 billion, representing 79% of the total. Respectfully, each one of Ghana’s presidents, and as a group, over the years, failed to (a) demand an answer to the question whether Ghana as a sovereign would receive/was receiving fair share of its oil revenues and having gotten an answer, (2) confidently inform Ghanaians that oil contracts (15-plus by our latest count) signed without a single bonus, contracts with an average royalty rate of just 9.9% whereas the August 2000 “Model Petroleum Agreement” still posted on websites belonging to the GNPC and Petroleum Commission stipulates, “12.5%…of the Gross Production of Crude Oil shall be delivered to the State as Royalty”, that all those contracts are securing Ghana a fair-share of its oil revenues.

As far as we are concerned, above cases are yet additional examples of current and former officials proposing untested and nefarious changes to Ghana’s oil fiscal regime that serve to bamboozle many uninformed Ghanaians, and worse, demoralise staff of the various Ghanaian agencies from doing the work they are paid to do on behalf of all Ghanaians. Attacking GRA and suggesting they cease collecting taxes owed by FOCs just so those companies can remain in Ghana at any cost is akin to the oil revenue management trojan horse of yester-years. In that 2011/2015 scheme, the full and complete attention of Ghanaians was directed to how Ghana must divide and safeguard the oil money Ghana receives, however little, rather than educating Ghanaians to seriously inquire if Ghana is receiving fair-share oil in the first place. All of this, in our humble opinion, is equivalent to certain current and former officials indulging in what we can best describe as a suite of “Most Distracting Gimmicks (MDGs)” and faux confidence mechanism-building measures that continue to bless and justify an unfair oil revenue collection system that continues to deprive Ghana of rightful oil revenues given that Ghana continues to invest in oil exploration and development through GNPC, that Ghana provides land and maritime security that protects the oil wells and related assets, at cost to Ghanaians.

 

CONCLUSION:  It is now clearer to the FTOS-GH PSA campaign that many of the organisations and individuals that have resisted adoption of a robust PSA fiscal regime may have been compromised. Some may have received renumeration from foreign sources and contracts through access to power and to agency resources/knowledge and knowhow, resources that could be acquired through employment or other non-competitive relationships. IEA, IMANI Africa, KASA and other CSOs who have opposed the PSA in the past and claimed that the new Ghana Royalty Tax/Hybrid fiscal system (a big departure from a robust and more complete PSA fiscal system) was a better and superior fiscal regime have not yet offered any empirical or scientific evidence to support their position. Some of these agencies were funded through DFID, nation-states (e.g. Norway), or other foreign interests (United Kingdom, United States), as we’ve noted previously. We can project that these same issues affect the larger Ghana mineral sector, and is not limited to just petroleum/oil.

We found out that some folks in these agencies wrongly thought that under a PSA contract, Ghana must further contribute capital in order to receive the agreed shares due the nation. By other means, certain CSOs and Think Tanks were being resourced by the World Bank, Oxfam America, STAR Ghana, DFID, Revenue Watch Institute, GIZ, to include oil money shared through the so-called corporate social responsibility (CSR) of FOCs, to resist PSAs for Ghana’s oil.  Then, there are certain current and former staff of public agencies including the GNPC, Petroleum Commission, and Ministry of Finance, etc., who connived in the deception of Ghanaians. How else would any person go around Ghana repeating lies and propaganda such as was captured in the video from Keta, that Ghana does not spend “a pesewa” to develop or produce oil? Or that, Ghana must reduce Ghana’s statutory 15% participating interest in oil development in order to attract more foreign investments when that interest is the most important element for the finance of certain elements of the Ghana development agenda using oil revenues from depletable oil wells.

Ghanaians must ask of current and former officials where all the signing and lease bonus payments for Ghana’s oil have gone, who got payments that went unreported to the people, and how much. While at that, we suggest Ghanaians also ask every former and current president and every official who signed any of the 15 contracts (by our count) to attest to their comfort and confidence that Ghana received/is receiving Ghana’s fair share of its oil revenues; that they themselves and any persons they know never received a pesewa under the “Big Men’s” table that deprived Ghanaians of their rightful oil signing and lease bonus payments, and any additional oil revenue and taxes actually owed to Ghana, funds that ought to have gone into Ghana’s public accounts, but never arrived, which we took up in our whistleblower and court cases. Can Ghana’s Economic and Organised Crime Office (EOCO) get down to business and finally follow-up with their investigation into the 2017 report that the FOCs spent a whooping sum of money to induce Ghana MPs to sign the garbage law Act 919, some MPS receiving $500,000, some even higher, under the guise of providing CRF to them? Exactly what did the colossal sum of $669 million that Tullow Oil in particular reported spending in Ghana produce for Ghanaians under the guise of providing CRF, and where?

Ghanaians must now demand cessation of bidding for oil blocks and approval/signing of new oil contracts until the garbage Act 919 law is abrogated or amended based on a rigorous and robust production sharing agreement (PSA).

In Part 3, we will provide additional information and critique on our recent findings and discoveries. Believing that Ghana’s parliament surrendered their power when they approved the garbage Act 919, we will end with a prescription to assure minimum performance measures for every new oil contract signed in the name of Ghana without regard to location of the oil field, country/identify of the FOC, beneficial owners’ connections to politicians and power, etc., consistent with most robust PSA fiscal regime befitting Ghana as the sovereign owner of the mineral resource.

REFERENCES & SOURCES

1.  Guyana citizens to receive £370 each in payouts from ‘mind-boggling’ oil wealth, Nov – 07 – 2024, (https://www.graphic.com.gh/international/international-news/guyana-citizens-to-receive-gbp370-each-in-payouts-from-mind-boggling-oil-wealth.html).

2.  Ghana’s Crude Oil Production Rebounds, (https://www.piacghana.org/ghanas-crude-oil-production-rebounds/).

3.  Atta Akyea attributes petroleum decline to dispute with Tullow Oil, GRA, (https://www.myjoyonline.com/atta-akyea-attributes-petroleum-decline-to-dispute-with-tullow-oil-gra/).

4.  Model Petroleum Agreement of Ghana (17/8/2000), (https://petrocom.gov.gh/wp-content/uploads/2022/08/ghana_model_petroleum_agreement1.pdf).

5.  Petroleum Commission’s CEO Egbert Faibile’s: Reduce Ghana’s 15% participating interest in oil explorations, (https://www.ghanaweb.live/GhanaHomePage/business/Petroleum-Commission-to-reduce-Ghana-s-15-participating-interest-in-oil-explorations-2004230).

6.  Watch: IFEJ Documentary on Keta Basin Petroleum exploration sensitization (2017), (https://www.youtube.com/watch?v=ucqLhGC8ys4).

7.   Kufuor�s Boys Demanded 5% Kickback �On Oil Deals, (https://www.peacefmonline.com/pages/politics/politics/201002/37693.php).

8.  Ghana lost $70 million from EO, Sabre Oil acquisition deals, (https://www.ghanabusinessnews.com/2015/11/23/ghana-lost-70-million-from-eo-sabre-oil-acquisition-deals/).

9.  Alarm blows over FPSO Kwame Nkrumah Contract; Tsikata ‘grabs’ $5m deal, The New Crusading Guide/Ghana, (https://www.modernghana.com/news/286043/alarm-blows-over-fpso-kwame-nkrumah-contract-tsikata-grabs.html).

10.  Overview: Ghana’s Oil and Gas Fiscal Regime Petroleum Commission Clarification Meeting with Parliament, 20th February, 2016, (https://s3.amazonaws.com/rgi-documents/3a04661605a0fd75bed6112929d88880015c62c8.pdf).

11.  2019 Ghana Petroleum Industry Report | www.cbodghana.com,

(https://cdn.modernghana.com/files/35202190340-l5grj7u3i1-cbod_2019_ghana-petroleum-industry-report-release-2-1.pdf).

12.  ENERGY & GHANA’S SOCIO-ECONOMIC DEVELOPMENT: Issues, Strategies and Programmes in the Energy Sector under the Economic Recovery Programme (National Energy Board/Ministry of Fuel and Power, 1989, revised July, 1990) A policy document outlining the vision of the National Energy Board and the Ministry of Fuel and Power.

13.  GNPC splashing money like confetti – KT Hammond, (https://www.ghanaweb.com/GhanaHomePage/NewsArchive/GNPC-splashing-money-like-confetti-KT-Hammond-442340).

14.  Ghana lost $70 million from EO, Sabre Oil acquisition deals,

(https://www.ghanabusinessnews.com/2015/11/23/ghana-lost-70-million-from-eo-sabre-oil-acquisition-deals/).

15.  Kufuor Blows Cover of Kosmos, E.O. Group,

(https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Kufuor-Blows-Cover-Of-Kosmos-E-O-Group-194776).

16.  Tullow invested 669 million dollars in Ghana last year.

(https://www.modernghana.com/news/463992/tullow-invested-669-million-dollars-in-ghana-last-year.html).

17.  Ghanaians need to know about Ghana’s ‘Garbage Oil Law’ (Part 1), (https://drive.google.com/file/d/15xnr4oP2ztCFUsz1mH0woab-tXRkjuF_/view).

SUBJECT: Ghanaians Need to Know About Ghana’s “Garbage Oil Law”, (Part 2).

AUTHOR: Fair Trade Oil Share-Ghana (FTOS-GH) PSA Campaign Ghana/UK/USA:

• Kofi Newman, Ph.D., MPA, MS – Land Use Planner, Policy/Management Analyst (Retired), USA.
• Andy C. Y. Kwawukume, Cand. Polit, U.K.
• J. Y. Fiebor, MBA – Finance, Univ. of Ghana Business School; Retired Senior Lecturer – Ho Technical University.
• CITATION: Cite this paper as: Ghanaians Need to Know About Ghana’s “Garbage Oil Law”, (Part 2); Newman, Kwawukume & Fiebor, FTOS-GH PSA Campaign, ©2024.

NOTE: This paper focuses on Ghana’s oil contracts, production, and revenues – actual and potential. No aspect of development and production of gas is directly addressed. However, as we have already noted, the primary issues apply to the larger Ghana minerals sector.