Energy think tank, ACEP, has proposed the filing of a legal suit against the Government of Ghana and Ghana National Petroleum Corporation (GNPC) by CSOs or a civilian over the domiciling of Jubilee Oil Holdings Limited (JOHL) assets which are registered in Cayman Islands.
According to the Executive Director of think-tank, the legal suit has become necessary as he believes government must quickly bring JOHL assets back to Ghana instead of a tax haven.
He further pointed out that the JOHL assets, which is being managed by the GNPC must therefore be subjected to the Petroleum Revenue Management Act (PRMA).
“It has been almost 2 years after advocating for the assets of JOHL to be domiciled in Ghana and nothing has still been done by GNPC and Government, clearly there is no commitment on the part of GNPC or Government to be transparent with JOHL assets.”
“Someone or CSOs must therefore challenge this illegality in court to ensure that JOHL assets are returned to Ghana.”
The ACEP boss made this known when he gave his submission during a Space on the X platform on November 12 on the topic “Is JOHL Under Political Capture? – Analyzing Implications of Securitizing JOHL assets for $420m LITASCO Loan”.
Ben Boakye further accused government and GNPC for contravening on the PRMA which requires that petroleum revenues must be channeled into the Petroleum Holding Fund for subsequent disbursements approved by Parliament.
“Our fear of JOHL assets being used as a slush fund has been materialised and I'm making particular reference to the collateralisation of oil revenues accrued by JOHL for a $420m debt arrangement between GNPC and LITASCO," Boakye said.
“The politicians are using it the way they want and being less accountable about the assets to Ghanaians,” he lamented.
Meanwhile, a recent 2023 Semi-Annual published by Public Interest and Accountability Committee (PIAC) pointed out that the Jubilee Oil Holding Limited (JOHL) failed to pay proceeds from liftings in H1 2023 amounting to US$70,456,718.93 into the Petroleum Holding Fund (PHF).
This makes it the fourth consecutive time the company has failed to pay the proceeds of liftings from the Jubilee and TEN Fields, amounting to US$343,108,927.88.
The petroleum revenue watchdog further observed that Kosmos Energy Ghana Limited wrongfully paid withholding tax into the Petroleum Holding Fund (PHF) in 2020 and 2021, totaling US$3,999,325.65.
MA/NOQ
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Benjamin Boakye, Executive Director at ACEP