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Ghana Stands To Lose $30 Billion Due To Bad Oil Deal

Ghana Stands To Lose $30 Billion Due To Bad Oil Deal

From Ghana Web

The Ghana Institute of Governance and Security (GIGS) has revealed that Ghana stands to lose over $30 billion from expected revenues in the exploration and exploitation of its oil resources for the next 20 years if parliament goes ahead to approve the Petroleum Exploration and Production Bill 2013 in its current form.

The local think thank noted that the fiscal provisions and other inimical sections contained in the Bill modeled on the Hybrid Modern Concession(HMC) when enforced will amount to selling off the sovereignty of Ghana and pave way for economic suicide in the name of attracting foreign investments.

 

Read more at Ghana Web