You are here: HomeWallOpinionsArticles2016 01 25Article 410176

Opinions of Monday, 25 January 2016

Columnist: Lungu, Prof.

Support With Deed: Join Petition "Fair-Trade Oil Share-Ghana (FTOS-Gh)"

By: Prof Lungu


In order for Ghana to receive a fairer share of Jubilee Oil Field revenues that is a lot better than 17%, we've started the petition "Fair-Trade Oil Share Ghana (FTOS-Gh)".

We need your help to get it further off the ground.

Will you take 30 SECONDS to sign it right now?

Here's the link: http://www.change.org/p/ghana-fair-trade-oil-share-psa-campaign-ftos-gh-psa.

(If you have a Twitter account, please tweet #FTOS_Gh).

Here's why it's important:

In 5 years (2010-2015) of oil production under the so-called Ghana Hybrid System, Ghana has received just 17% of oil revenues while the oil companies have kept 83%. Other countries with Production Sharing Agreements (PSA), the standard global contract for crude oil, are receiving better than 55% of all oil revenues. Further, it is the PSA that is recommended by the GAO (US government).

Instead of Ghana receiving 100 million barrels of the oil, Ghana received only 27.2 million barrels. Instead of Ghana receiving $8.6 billion from the Jubilee Oil Fields, Ghana received a paltry $2.6 billion. The Oil Companies pocketed $12.4 billion. That means that over the last 5 years, Ghana has lost more than $6 billion through the "hybrid system". That system continues to allow government ministers to allot numerous crude oil production contracts with no transparency, no public debate, through "under-the-table kickbacks". (This promotes and enables corruption by politicians).

We do not believe that is fair trade for Ghana.

Or, that it is equity and inclusive development for Ghana!

Or, that it is true growth and accountability for Ghana's resources.

That is why we are asking you to ask President Mahama and Ghana's Parliament to kill the Ghana Hybrid System bill by signing this petition.

Lend your powerful voice to the "Fair Trade Oil Share-Ghana (FTOS-Gh)" campaign by joining this on-going petition.

Ask President Mahama why he thinks 17% is fair share for Ghana, and why Ghana can't secure more oil revenues using the Production Sharing Agreement (PSA).

By joining the petition, you are demanding President Mahama and Mr. Adjaho (the Speaker of Parliament) withdraw the oil bill called "Ghana Hybrid System" from Parliament immediately, and enact the PSA as the law for Ghana's Oil and Gas, instead. Then Ghana could start receiving better than 55% of oil revenues for more schools, more clinics and hospitals, more libraries, more bridges, more better roads, more jobs, and economic prosperity for all Ghanaians.

Again, you can join our petition using:
www.change.org/p/ghana-fair-trade-oil-share-psa-campaign-ftos-gh-psa


Then tell your friends, colleagues, and family members to also join!


Thanks!


Prof Lungu
FTOS-Gh Campaign
www.ghanahero.com/FTOS_GH_Campaign.html.
#FTOS_Gh (Twitter).
https://twitter.com/professorlungu.
www.change.org/p/ghana-fair-trade-oil-share-psa-campaign-ftos-gh-psa.
(22 January, 2016).