Offshore Account: Bring Back Jubilee, TEN crude Cash Now – Manteaw to GNPC - www.asempanews.com

Steve Manteaw says the Ghana National Petroleum Corporation’s payment of revenues accrued from 7% interest in the Jubilee and TEN petroleum fields to Ghana Offshore Holding Company is a breach of the Petroleum Revenue Management Act (PRMA).

Manteaw who is a former Chairman of the Public Interest and Accountability Committee (PIAC) told Citi News, GNPC must return the over $100 million revenues from crude lifting as a result of the 7% which was acquired by GNPC on behalf of the state back into the Petroleum Holding Fund in accordance with PRMA.

“The Petroleum Revenue Management Act stipulates that all petroleum revenues howsoever derived are to be first deposited into the Petroleum Holding Fund

There is a good reason for that, which is to enable us track the revenue flows and demand accountability in terms of how they are disbursed and utilized.Contrary to this provision in the Petroleum Revenue Management Act, my information is that Ghana has lifted some oil in respect of that 7% and GNPC has deposited the proceeds from that transaction in an offshore account in the name of the Offshore account”, he explained.

“My view is that, this is a departure or a complete contravention of the provisions of the petroleum revenue management acts and GNPC has no legal basis for keeping a portion of petroleum revenues outside the petroleum revenue management framework

Steve Manteaw moreover said the public can test the issue at the court to get GNPC to return the proceeds to the Petroleum Holding Funds.

If we think that we are still in disagreement with the position of GNPC, we will let GNPC know and if GNPC is still refusing to do the needful, then of course every citizen of this country has the right to go to court to seek a mandamus to comply GNPC to do what the law says it must do which is to bring it back into the Petroleum Holding Fund.“