Companies & Finance

Ghana watchdog flags lost hydrocarbon revenues

A Ghana-based oil and gas policy thinktank has alleged that the country has lost $902 million in unpaid taxes and royalties from the petroleum industry.
By Staff reporter 5 April 2018 0 30302

The Centre for Natural Resources and Environmental Management (CNREM), a Ghana-based oil and gas policy thinktank, has alleged that the country has lost $902 million in unpaid taxes and royalties from the petroleum industry, Citinewsroom reported.

CNREM Executive Director Solomon Kwakumey claims the country has recovered less than 20% of its potential revenues from the sector as a result of contractual arrangements that favour tax collection rather than production-sharing contracts.

However, the Ghana National Petroleum Commission’s former chief executive, Alex Mould, said the CNREM’s...