John Dramani Mahama, Former President has ordered the government to return the $100 million which was allegedly diverted from petroleum funds for unapproved expenditure, to return the said money.
He described the news as very “disturbing.”
He insists that there can be no justification for diverting revenues from the nation’s share of petroleum resources into any other account besides the Petroleum Hold Fund (PHF).
According to John Mahama, this amounts to a violation of Section 3 of the PRMA (Act 815) which “explicitly says that all Petroleum revenue due the Republic derived from whatever source shall be assessed, collected, and accounted for by the Ghana Revenue Authority.”
“Section (15) of the Petroleum Exploration and Production Act (Act 919), is also clear that “Any borrowing exceeding the cedi equivalent of thirty million United States Dollars for the purpose of exploration, development, and production shall be approved by Parliament and shall be in consonance with the Petroleum Revenue Management Act,” Mahama added in a statement.
He asked the Minister for Finance to immediately return all such illegal payments back into the PHF “as there is no record to confirm parliamentary approval on any such loans acquired by GNPC in their work programme.”
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Source: newsghana.com.gh