Ghana will lose $30bn oil cash if… - GIGS

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osagyefo 9 years ago

hahaha! GIGS do u think that these stomach politicians will opt for the best for mother Ghana except for their selfish interests. when u demonstrate they will say that u r anti gov.

hahaha! GIGS do u think that these stomach politicians will opt for the best for mother Ghana except for their selfish interests. when u demonstrate they will say that u r anti gov.
OKOE 9 years ago

OUR LAWYERS AND THE POLITICIANS ARE NOT EITHER SMART ENOUGH IN LEGAL TERMS TO INTERPRET OR UNDERSTAND THE IMPLICATIONS OF THEIR ACTIONS WHEN DEALING WITH THE OIL AND GAS COMPANIES. THE OIL COMPANIES NCAN AFFORD THE BEST LEGAL ...
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OUR LAWYERS AND THE POLITICIANS ARE NOT EITHER SMART ENOUGH IN LEGAL TERMS TO INTERPRET OR UNDERSTAND THE IMPLICATIONS OF THEIR ACTIONS WHEN DEALING WITH THE OIL AND GAS COMPANIES. THE OIL COMPANIES NCAN AFFORD THE BEST LEGAL BRAINS TO DRAFT THEIR LEGAL CONTRACTS TO BENEFIT THEM IN A BIG WAY AND OUR LAWYERS ,TECHNOCRATS AND THE GOVERNMENTS JUST SIGN ON RATHER THAN READING BETWEEN THE LINES AND DECIPHERING THE SALIENT POINTS IN THE AGREEMENT. THEY ALSO SIGN ON BECAUSE THEY HAVE BEEN PROMISED BENEFITS THAT GO STRAIGHT INTO THEIR POCKETS INSTEAD OF THE STATE FOR THE BENEFIT OF ALL THE CITIZENS OF GHANA. SELF INTEREST IS THE REASON BEHIND BAD AGREEMENTS THAT OUR POLITICIANS SIGN WITH THESE FOREIGN MULTINATIONAL COMPANIES. THEY HAVE THE RESOURCES TO HIRE THE BEST BRAINS TO CHEAT AND STEAL FROM IGNORANT AND NOVICE LAWYERS WHO CANNOT UNDERSTAND THE HIDDEN CLAUSES IN THESE AGREEMENTS THAT BENEFIT THESE OIL AND GAS COMPANIES.
OIL 9 years ago

Ade Coker said it best when he said that, his NDC gov't lacks strategic thinkers. For Cabinet to even think of such an agreement, and actually bring it to the legislature for deliberation and it's passage, indeed, shows that ...
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Ade Coker said it best when he said that, his NDC gov't lacks strategic thinkers. For Cabinet to even think of such an agreement, and actually bring it to the legislature for deliberation and it's passage, indeed, shows that the very art of thinking is a very scarce commodity in the NDC gov't. The initial arrangement was to serve as a springboard or leverage to craft a much better bill to better serve the interests of the citizenry, so where is the thinking, when a resource with an estimated value of $160billion over the next 20years, Ghana gets just between $19-21billion dollars from such a hybrid agreement? The lack of thinking is legendary under this NDC gov't.
DAN 9 years ago

they want the kick back instead...Then do future contracts with oil/gold and cocoa different!

they want the kick back instead...Then do future contracts with oil/gold and cocoa different!
C.Y. ANDY-K 9 years ago

Indeed, lack of thinking is amazing among Ghanaians, both home and abroad.

As a disclosure, Efo Solo is my senior brother, and so I am well acquainted with his position and that of others on this oil issue. the problem pr ...
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Indeed, lack of thinking is amazing among Ghanaians, both home and abroad.

As a disclosure, Efo Solo is my senior brother, and so I am well acquainted with his position and that of others on this oil issue. the problem pre-dates the current NDC regime. In fact, it was the NPP regime which sweetened up the existing contract terms to its abysmal level. The NPP people, either in Parliament or outside it, have not demonstrated any different mindset, in words or in writing, to indicate that they are against the status they left. And, that it must be changed to another alternative, as Efo Solo has been singularly championing.

With practically who matters - the so-called Think-Tanks, govt officials, opinion makers, journalists. etc - either already bought up or enthralled by the oil companies, by which I mean they don't have a clue about oil agreements and politics, the stage has been set for the oil companies and some few power brokers in the pockets of the oil coys to bamboozle and rip off Ghanaians!

Already, the oil coys have been priming up lots of journalists to support them with courses abroad relating to oil and gas. So after a year's MA or MSc, or just a brief few days seminar abroad, they return cocky presuming themselves to be "experts" on oil and gas! Those who know better are even scared to publicly open their mouths to express their dissent. Yes, just like the lawyer reading Petroleum law and management here in London who went home to look up my brother when in Ghana and warned him to be careful, since he was dealing with oil "Mafias"! And that's someone sent by govt to study to come back to advise! According to him, they discussed one of his writings the lecturer brought to lectures show casing Ghana as an example of bad agreements which LDCs sign with the FOCs.

Someone too you all know by name also said on a private "forum" that he was embarrassed by a similar expression in S. Africa. So we Ghanaians are becoming a laughing stock in foreign forums!

I know for a fact that the Mahama regime was derelict in putting together this Bill. Efo Solo was supposed to make a presentation to the whole Cabinet but the gate-keepers to the President kept on postponing it to after the election petition. My question to Efo Solo was why they must postpone pressing govt action/s to after the petition? Well, he didn't have any plausible answer. Anyway, the presentation never took place. Now, I am aware that top govt officials who claimed they weren't aware of Efo Solo's writings were asking where he was when the Bill, currently before the AG, was being put together.

That Bill must NEVER be put before Parliament for approval, which, of course, means rubber stamping in Ghana.

Andy-K
Brook 9 years ago

This OIL business deals are too much for the Ghanaian Parliamentarian. Most of them are not highly educated in business and finance

This OIL business deals are too much for the Ghanaian Parliamentarian. Most of them are not highly educated in business and finance
KANE 9 years ago

GHANA HAS BEEN FOR SALE TO THE HIGHEST BIDDER SINCE THE OVERTHROW OF NKRUMAH'S CPP, SO THE PASSAGE OF THIS BILL BY GHANA'S FRAUDULENT RUBBER-STAMPING FUNCTIONALLY ILLITERATE "PARLIAMENTARIANS" MAKES LITTLE OR NO DIFFERENCE WH ...
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GHANA HAS BEEN FOR SALE TO THE HIGHEST BIDDER SINCE THE OVERTHROW OF NKRUMAH'S CPP, SO THE PASSAGE OF THIS BILL BY GHANA'S FRAUDULENT RUBBER-STAMPING FUNCTIONALLY ILLITERATE "PARLIAMENTARIANS" MAKES LITTLE OR NO DIFFERENCE WHATSOEVER.

AFTERALL, ALL THAT HAS TO BE DONE IS TO BRIBE OUR CHEAP PARLIAMENTARY
"REPRESENTATIVES" WITH MOBILE PHONES, DONE!

OUR "LEADERS" HAVE SOLD OUT ALL OF NKRUMAH'S JOB-CREATING INDUSTRIES, THANKS TO THE INFAMOUS VISIONLESS DIVESTITURE IMPLEMENTATION
COMMITTEE.

TODAY, GHANA'S EDUCATION SYSTEM CHURNS OUT THOUSANDS OF HOPELESSLY
USELESS GRADUATES INTO THE STREETS IN SEARCH OF NON-EXISTENT JOBS, THEN OUR FUCKING USELESS "LEADERS" BLAME OUR HOPELESS ECONOMY AND WORTHLESS GHANA CEDI ON THE "GLOBAL RECESSION".

WE SHALL ALL CONTINUE TO SWIM IN THIS SHIT IF WE DO NOT "OPEN OUR EYES AND BRAINS" TO THWART THE RELENTLESS EXTERNAL AGGRESSION TO COLLAPSE GHANA'S ECONOMY FOR GOOD.
Adam 9 years ago

Nothing shows Ghana is an oil and gas country.Our present leaders are stupid.They only think about their children going to school in europe,ridding in big cars,chasing girls all over,and at the end of the day,they will put ab ...
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Nothing shows Ghana is an oil and gas country.Our present leaders are stupid.They only think about their children going to school in europe,ridding in big cars,chasing girls all over,and at the end of the day,they will put about 100cedis in a matches-boxes distribute to the hungry people to vote for them.Even 100yrs we can't benefit anything from it,if we will still follow these stupid people.
Reynolds 9 years ago

This agreement assumes a cost recovery percentage that is far lower than what pertains at water depths such as Jubilee's. If the cost recovery percentage is increased to say 65 per cent, his argument falls apart completely.

This agreement assumes a cost recovery percentage that is far lower than what pertains at water depths such as Jubilee's. If the cost recovery percentage is increased to say 65 per cent, his argument falls apart completely.
C.Y. ANDY-K 9 years ago

Reynolds,

Spare us the agony. Just give us the calculus and engage us.

What cost to recover? The over-inflated $4bn they allegedly invested? The cost of operations? The gold plated costs?

Whatever you say, some of ...
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Reynolds,

Spare us the agony. Just give us the calculus and engage us.

What cost to recover? The over-inflated $4bn they allegedly invested? The cost of operations? The gold plated costs?

Whatever you say, some of us are against this model, and think the PSA is much, much better.

Fellow, Ghanaians, don't be fooled!

Andy-K
Asante Zongo 9 years ago

PSC you are right. The Brazilian Boy said they could take a project of that sort for $1.2B or less. But Ghana did not undertake the transfer pricing exercise and just accepted the $4B.

PSC you are right. The Brazilian Boy said they could take a project of that sort for $1.2B or less. But Ghana did not undertake the transfer pricing exercise and just accepted the $4B.
Reynolds 9 years ago

This arguement assumes a cost recovery percentage that is far lower than what pertains at water depths such as Jubilee's. If the cost recovery percentage is increased to say 65 per cent, his argument falls apart completely.

This arguement assumes a cost recovery percentage that is far lower than what pertains at water depths such as Jubilee's. If the cost recovery percentage is increased to say 65 per cent, his argument falls apart completely.
HAZOR 9 years ago

Yes,That is absolutely possible that Ghana stand to lose $30bn because of their criminal activities and illegal sales of oil block to unsuspected investors to pave the way for oil companies and investors for breach of contra ...
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Yes,That is absolutely possible that Ghana stand to lose $30bn because of their criminal activities and illegal sales of oil block to unsuspected investors to pave the way for oil companies and investors for breach of contract and scam sale of oil blocks.Oil companies such as Tullow,Anadrako,Cosmos are preparing legal action against Government of Ghana for unjustify criminal act of given their legal contract transaction to individual without their canal knowledge.These oil companies has invest billions for drillings and technology and out of their toil and sweat of finding oil,The criminal president and crooks in his government are illegally selling oil blocks unsuspected investors as sham deal.Ghana judicary and solon should warn those buy oil block to seek their approval before doing anything stupid.
Asante Zongo 9 years ago

What is the GIGS talking about? There is nothing Ghana can do right now. Ghana is using the OECD model arm's length principles in a tax treaty for tax avoidance and the formulary appointment approach has not yet been adopted ...
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What is the GIGS talking about? There is nothing Ghana can do right now. Ghana is using the OECD model arm's length principles in a tax treaty for tax avoidance and the formulary appointment approach has not yet been adopted by the business community. Stay calm!
C.Y. ANDY-K 9 years ago

Really? If you don't have a clue what GIGS is talking about, then how can you reach the conclusion that there is nothing Ghana can do right now?

What what is that gibberish about something, something not adopted by the bu ...
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Really? If you don't have a clue what GIGS is talking about, then how can you reach the conclusion that there is nothing Ghana can do right now?

What what is that gibberish about something, something not adopted by the business community? Those selling at Makola?

Anyway, the PSA is what all sane countries are now adopting after abandoning what has been dubbed the "bastard system" some ignoramuses have been bought and/or hoodwinked by the FOCS to adopt for Ghana.

Instead of staying calm, Ghanaians should be up in arms!

Andy-K
Whatever 9 years ago

just US$1.77 billion of revenue , as against that of US$7.590 billion by foreign companies operating at the field. Kufour really sold us out

just US$1.77 billion of revenue , as against that of US$7.590 billion by foreign companies operating at the field. Kufour really sold us out

Ghana will lose $30bn oil cash if… - GIGS

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