No Result
View All Result
Sunday, August 14, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

    Fitch downgrades Ghana’s credit rating from B- to CCC

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport
    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

  • TECHNOLOGY

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

    Fitch downgrades Ghana’s credit rating from B- to CCC

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport
    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

  • TECHNOLOGY

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Petroleum Commission rejects claims E&P Bill lacks transparency

bycitibusinessnews
July 24, 2016
in Government, Local Economy, Oil And Gas, Top Stories
Chief Executive Officer of the Petroleum Commission Theophilus Ahwireng

Chief Executive Officer of the Petroleum Commission Theophilus Ahwireng

Share on FacebookShare on TwitterShare on Whatsapp

The Petroleum Commission has rejected claims that the Petroleum Exploration and Production (E&P) Bill which is currently in parliament grants the sector minster excessive discretion that could lead to corruption.

According to some sections of the bill, a Petroleum Minister is permitted to undertake direct negotiations under two circumstances on behalf of the nation.

First, the minister is allowed to use his or her discretion to determine where an area offered for a public tender does not become subject to a petroleum agreement.

ADVERTISEMENT

Secondly, the bill allows the minster in consultation with the Petroleum Commission to determine direct negotiations to ensure the most efficient and optimal exploitation of petroleum in a particular area.

These provisions drew sharp disagreement from some minority MPs during the second reading, describing the bill as lacking transparency.

But responding to the concerns, the Chief Executive Officer of the Petroleum Commission Theophilus Ahwireng explained to Citi Business News that the provisions are standard practice in the petroleum upstream industry to rather entrench value for money.

“People must understand the philosophy behind Ghana’s E&P law. There are certain responsibilities that although are with the commission they are entrusted in the minister,” he said.

He stated for example that the bill enhances transparency by obliging the minster to seek the advice of the commission in approval of the planning of the petroleum area under development.

“The beauty of our democracy is that when bills are passed they are subjected to a lot of stakeholder consultation and people make their comments. I think their views are very well informed. It has been discussed and I think the appropriate measures will be taken” he said.

He stated that elsewhere; the minister is given all the authority to make the approval.

What the Bill says

 

The select Committee on Mines and Energy, described the bill as  a “significant improvement” over PNDC Law 84, under which licences are currently granted.

The committee pointed out for example that the bill will, increase the country’s minimum carried interest in every petroleum agreement from the current 10% to 15%.

The bill provides for competitive tendering, which is a different from the current procedure where petroleum rights are granted companies through direct negotiations

The role of the minister

To check the powers of discretion, the Minister is required to publish the invitation to tender or the invitation for direct negotiations in the Gazette.

He is also required to publish it in at least two state owned newspapers and other media for the attention of the general public.

Where the Minister receives more than one expression of interests after the publication, a public competitive tendering process would have to be followed.

The report further states that the Minister would be empowered to make Regulations to provide detailed procedures for the grant of Petroleum Agreements, conditions for the competitive tendering process and direct negotiations, safety and security issues.

Minority dissent

However, a Member of the Mines and Energy Committee, Isaac Asiamah is unhappy about these provisions stating that it creates to much space to breed corruption ..

“We need to ensure that there is transparency and accountability in the legal regime that ensures that there is fairness in the industry- if it becomes like the old one then it becomes a waste of time,” he said.

He argued that “the bill giving powers to the Minister to negotiate and abrogate agreement is not the best. Discretionary powers given to Minister should be removed and make way for competitive bidding”.

He maintained that “the Minister alone cannot look at the financial capabilities of a company. That is why we have the procurement law, adding that  “it should be opened up. If we are not careful all sort of corruption will be going on there because it is about selling our oil blocks”.

“Therefore, a Minister may decide that this is a juicy area and I am not going to open it up for competitive tendering- The Minister can invoke the law and give it to the company of his choice. This is a disaster,” he added.

By: Lawrence Segbefia/citibusinessnews.com/Ghana

 

Related Posts

Agribusiness

Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

bycitibusinessnews

A Value Chain Development Specialist and Director of Policy and Research Bureau, Chamber of Agribusiness Ghana, Kojo Ahiakpa, has called...

Read more
Assistant Director, Fintech and Innovation, BoG, Clarence Blay

E-cedi will not affect MoMo business – Bank of Ghana

Farmers worried about possible unfair distribution of MoFA machines

Bank of Ghana to widen its scope on cryptocurrency

Importers, Exporters Association calls for sympathy for Labianca following corruption claims

Our cars to sell for cheaper soon- locally assembled automobile companies

BoG Deputy Governor chairs advisory board of UG’s College of Humanities

Next Post

PEF laments tough times for businesses

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.