The Executive Director of the Danquah Institute, Gabby Otchere-Darko, has stated that industry experts estimate that every day that Ghana either flares gas or is unable to utilise the associated natural gas from Jubilee for power translates into $1.2 million a day in lost revenue.
“This means that for this year the avoidable delays in the development of the gas infrastructure will cost the country a minimum of $638 million”, Gabby said.
The Danquah Institute has described the $3 billion China Development Bank loan contracted by the Mills-Mahama led National Democratic Congress government as an illegality as it breaches sections of the Petroleum Revenue Management Act passed by parliament this year.
DI is therefore calling for the cancellation and subsequent curing of this loan facility and has urged the parties to the contract to take note of this and proceed to cure it or proceed to their own detriment.
The Danquah Institute has stated that Ghana National Gas Company, headed by Dr George Sipa-Yankey, is operating illegally as it was not created by an Act of Parliament and currently appears to be breaching the Ghana National Petroleum Corporation Act, 1983 (PNDCL 64), which set up the Ghana National Petroleum Corporation.
The Executive Director of the Danquah institute, Gabby Asare Otchere-Darko made this known at a press conference organised by the Institute and held at the Ghana International Press Centre on Wednesday 21st December 2011.
Friends of the media, the Danquah Institute called you here to the Accra International Press Centre today, Wednesday, December 21, 2011, for a very good reason. First, Ghana is positioned to be the world’s fastest growing economy this year and this has been made possible by the singular fact that 2011 marks Ghana’s maiden full year as an oil-producing economy. Beyond the lifting of crude oil, Ghana stands to build a multi-billion dollar petro-chemical industry from the monetisation of its natural gas.