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MoF, BoG, GRA must ensure $100m oil cash is transferred into PHF if… – Kwakye

The Ministry of Finance (MoF), the Bank of Ghana (BoG) and the Ghana Revenue Authority (GRA) must ensure that, if indeed the $100million oil revenue was paid into a different account rather than the Petroleum Holding Fund (PHF), it is transferred into the PHF, the Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye, has said.

His comment comes after the Public Interest and Accountability Committee (PIAC) said that the decision to pay $100million oil revenue to safe haven rather than the Petroleum Holding Fund (PHF), a fund that established under Section 2 of the Petroleum Revenue Management Act (PRMA) as the designated public fund at the Bank of Ghana to receive and disburse petroleum revenue due the Republic of Ghana being held offshore at the Federal Reserve Bank of New York as the Bank of Ghana Petroleum Holding Fund Account, was contrary to the law.

Vice Chair of PIAC Abdul Nasir Alfa Mohammed said this when he appeared before the 8-member ad hoc committee that is investigating allegations against the Finance Minister Ken Ofori-Atta on Thursday November 17.

He said  “We explored all the laws, in our opinion, that border around this issue and we still came to an independent opinion, which we stand by on any day, that those revenues ought to have formed part of the petroleum revenues of Ghana and ought to have been deposited in the petroleum holding fund and not in any other account.

“So, for us, it was contrary to law for that money to have been deposited in any accounts, if at all.”

Commenting on this in a tweet, Dr Kwakye said “The question is whether the $100m belongs to Ghana or not. If it does, then GNPC can’t keep it outside BoG custody. The Ministry of Finance, BoG and GRA must ensure that the money is promptly transferred to the PHF held by BoG.”


The Minority had accused the government of inability to account for over $100 million of oil funds that accrued to the state relative to petroleum lifting in the first quarter of 2022.

Yapei Kusawgu lawmaker John Jinapor who is also a ranking member of the Mines and Energy Committee of Parliament, in a statement Thursday, 29 September 2022,  said “The decision by the current NPP government to transfer revenues accruing from about 944,164 bbls of crude lifting in the Jubilee and TEN fields to a company established in a safe haven (outside Ghana) without parliamentary approval, amounts to a gross violation of the Petroleum Revenue Management Act, 2011 (Act 815) and Public Financial Management Act (Act 921)”.

“We have become aware that following the acquisition of a 7-per cent interest in the Occidental (Oxy) transaction in respect of the Jubilee and TEN fields by the government, ostensibly for GNPC in 2021, the Minister of Finance has clandestinely ceded the shares to an offshore company known as JOHL (a company set-up in the Cayman Islands) in a very surreptitious and opaque manner”, the statement said.

The minority said it is “very much alarmed” that contrary to requirements of the PRMA, revenues accruing from the nation’s oil fields “are not being paid into the Petroleum Holding Fund (PHF), which has been confirmed in the 2022 semi-annual report on petroleum receipts by the Public Interest and Accountability Committee (PIAC)”.

“As if this is not enough, the report further reveals that Capital Gains Tax was not assessed and collected by the Ghana Revenue Authority (GRA) in the sale of the 7% interest by Anadarko in the Jubilee and TEN fields in 2021”.

“This NPP government is proving by the day, that the nation’s oil resources cannot be entrusted in their care because not long ago, the PIAC, under the chairmanship of Dr Steve Manteaw, accused them over their inability to account for about GHȼ2 billion of Ghana’s oil cash for the 2017, 2018 and 2019 fiscal years”.

By Laud Nartey||Ghana


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