Ivor Greenstreet vows to repeal Ghana’s petroleum law

The presidential nominee of the Convention People’s Party Ivor Kobina Greenstreet has vowed to repeal the Petroleum and Exploration Law.
The CPP leader said the law was passed in connivance with the two leading political parties– New Patriotic Party and the National Democratic Congress– to “steal” from the citizenry.

Greenstreet was speaking at the launch of the CPP manifesto on Saturday at the Ghana Academy of Arts and Science in Accra.
“Senior Kwasi Pratt Jnr. made an important statement about our resources. How is it possible that we have a National Development Planning Commission goes around the whole country seeking the views of Ghanaians and Ghanaians tell this very Commission that what they want is for us to earn more from our resources that God has bequeathed to our great nation – oil, gold, timber, gas, fertile lands, strong human base, access to water resources – yet we continue to wallop in abject poverty bowing before forces,” he said.
“And so secretly ignoring this cardinal principle for the people of Ghana has requested – NDC and NPP went to secretly pass this Petroleum Law in stealing and emphasising a method called the Ghana Hybrid System which is a form of getting revenue from the oil sector through royalties and taxes. And you know how bad as a nation we are at collecting taxes and you know how good multinationals are, at escaping taxes,” he said.
“We will repeal that law. We will review that law. We will bring what is called the Production Sharing formula. That is where like a farmer who owns a piece of land and somebody comes to grow corn on that land, they share in the proceeds,” he said.

Greenstreet also disclosed that between 2010 and 2015, Ghana under the hybrid system has earned US$3billion as revenue from its oil and gas sector.

He emphasised had Ghana adopted the Production Sharing Formula, the country could have earned US$10billion, thus, US$6billion more than what it has accrued over the stipulated period.