The Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Dr K.K. Sarpong has denied claims by policy think tank, IMANI Africa that he owns Fuel Trade Limited.

IMANI Africa had accused Dr Sarpong of engaging in a conflict of interest situation in a $4.4 billion petroleum agreement between Ghana and Aker Energy Ghana Limited.

At a press conference in Accra on Thursday, 25 April 2019, the Vice President of IMANI Africa, Mr Kofi Bentil, alleged that Dr Sarpong “and his family own Fuel Trade,” one of the local partners of the Deepwater Tano / Cape Three Points (DWT/CTP) Petroleum Agreement, with a two per cent stake.

Responding to the allegation in a statement, Dr Sarpong said: “I wish to state emphatically that neither I nor my family own Fuel Trade as claimed by IMANI Ghana.”

“Consequently, I, Dr. K.K. Sarpong, Chief Executive of GNPC cannot be accused of conflict of interest in dealing with Aker Energy as stated by IMANI Ghana. Indeed, Fuel Trade's 2% stake in the Deepwater Tano Cape Three Points Block was acquired in 2014 long before my appointment in 2017 as Chief Executive of GNPC,” he added.

Dr Sarpong expressed shock that IMANI could not investigate who the real owner of Fuel Trade Limited was before accusing him.

Dr Sarpong said the claim against him has tarnished his image and is, therefore, requesting an apology and retraction from the policy think tank.

“No doubt, I have incurred immense economic, political and social cost by IMANI Ghana's unjustifiable claim. This, I find unacceptable and hereby demand a retraction of the said claim and an unreserved apology from IMANI Ghana and its Deputy Director, Mr. Kofi Bentil within two weeks. The retraction should be given as much prominence as the press conference," Dr Sarpong indicated.

Aker oil find: Ghana risks losing $30bn – IMANI

IMANI Africa, has revealed that the government of Ghana risks losing US$30 billion in the recent oil find by Aker Energy Ghana Limited.

IMANI Africa said Aker discovered the oil after its exploration licence had expired in 2014 and failed to go through the right processes, thereby making their exploration activities illegal.

IMANI believes the Pecan X and Pecan Y in the Deepwater Tano Cape Three Points block (DWT/CTP) are essentially not covered by any of the Petroleum Agreements (PA) in force, hence those additional finds require a new Petroleum Agreement to be negotiated under the Petroleum (Exploration and Production) Act, 2016 Act 919.

At a press conference in Accra on Thursday, 25 April 2019, Mr Kofi Bentil, questioned why the government has not taken action to secure what is due the country.

“Those two blocks are controlled and owned by Aker. So, it is a curious trend that if it comes to that we don’t seem to pursue our rights and to get the most from our oil,” Mr Bentil said.

Aker’s find is about 450-550 million barrels, with potential recoverable reserves of nearly one billion barrels, a discovery touted as the biggest in the oil sector in Africa.