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.

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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.

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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.

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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.

Click here for full statement

Other Stories

Spilling our Oil Revenue over NHIS Seas
85 million barrels of oil is supplied everyday across the globe. Ghana hopes to add an additional 120,000 barrels a day to this number - pretty modest by any stretch of expectation. For the next 10 years, revenue accruing to the state from oil production may not go beyond $5 billion. We, therefore, need to be very very wise in how we use the oil revenue in a way that it will open other potential areas of wealth for us rather than using it to cure all our social ills. The key is identifying a few winnable growth pillars and supporting them with resources. As I write, after a whole year’s national road show and countless verbal assurances from the President that Govt will use oil revenues responsibly there is very little detailed indication of that. Responsible usage should not be viewed only through the cloudy vortex of transparency but by which specific programmes or projects those revenues will be spent on. Our revenues can be transparently wasted.
NPP fears EC disaster in biometric registration
The Chairman of the opposition New Patriotic Party, Jake Obetsebi-Lamptey, has expressed his party’s deep sense of apprehension about the secretive and silent manner with which the Electoral Commission is conducting affairs towards the 2012 elections, describing it as a recipe for disaster. In light of this, Jake has stated emphatically that the NPP would not be a supporter of the flawed and opaque process the Electoral Commission is currently embarking on in handling the impending Biometric Voter Registration exercise.
Transforming Third World Cities through Good Urban Governance: Fresh Evidence
Many Ghanaians believe that introducing multi-party elections at the metropolitan, municipal and district levels would ensure the election of competent people to manage the urban or local economy. This belief is premised on the assumption that electorates are informed and would vote for competent politicians. Using the 2008 elections in Ghana, it is argued that only a minority of electorates vote on issues; the majority vote along tribal and party lines; and based on how “humble” a politician is or simply based on monetocracy. This means that introducing elections into the local government system would not necessarily lead to a transformation of the local or urban economy; greater local democracy is not the answer to the housing problem, sanitation crisis, unemployment burden and the poverty challenge. There may be the need for a new form of local democracy. Keywords: Democracy, Urban, Governance, Ghana, Elections more >>>
The Construction Pioneers (CP) Settlement Amounts – The Issues and the Payments
We have invited you here to talk to you about the ninety-four million euro (94,000,000 Euros) settlement money given to Construction Pioneers (CP). The former Attorney-General has issued a statement in which she seeks to absolve herself from blame. Further, the NDC tabloids have been striving, albeit vainly to establish that the payment of settlement amounts to CP has arisen out of negligence or lack of action by the NPP administration. This media encounter is meant to disembowel the (Government of Ghana) GoG – CP saga and let the good people of Ghana know the sequence of events. Click here for full statement
Mills must grab ethics with long hand of law
As a Cabinet Minister for seven years and the presidential candidate for the ruling party in 2008, Nana Akufo-Addo served the nation with ad admirable level of over-and-above self-imposed ethical principles. These included, not applying for state lands and even refusing to draw on his allocation of fuel, to which every Minister (and others) was entitled. In fact, the story is told of him getting very furious to come back from a trip abroad on an official duty only to find out that his driver had gone to the Castle to claim fuel on his account.However, rather than praising it as exemplifying the kind of leadership that Ghana needs, this has been subjected to charges of “hypocrisy”, “holier-than-thou”, “shopping your colleagues”, etc., against him. He has been put on the defensive for being extra-ethical! Leading this charge have been two the Spokesperson for Vice President John Mahama, John Abu Jinapor. Also notable are pro-Mills newspapers such as, the Insight and Enquirer.
Police Must Prosecute Corrupt EC/STL Officials Statement by LMVCA
Ladies and Gentlemen, let me add a few words to the erudite case just made for scrapping the current register and compiling a new one for the 2016 polls.
Africa has no time for clueless men parading as leaders
“Slavery, colonialism and globalisation have one thing in common - they exploit those who are weak but are rich in resources. They exploit those who allow others to determine their lives and their value as means to ends. We are resourceful people from a rich land. We have no reason to allow anyone to determine our goals and our policies. Our generation of Ghanaians and Africans must refuse to be victims of globalisation and become its beneficiaries and masters.” The above words were delivered by Nana Akufo-Addo when he made a strong case in 2007 to be allowed the opportunity to lead Ghana to the next level
Danquah Institute Fellow Appointed Campaign Manager
A fellow of the Danquah Institute and political strategist, Boakye Kyeremanteng Agyarko, 54, has been appointed the Campaign Manager to the 2012 Presidential Candidate of the New Patriotic Party, Nana Akufo-Addo. Boakye Agyarko, who served as a senior campaign aide to Nana Addo in the 2008 presidential election, is noted for his organisational acumen and knowledge of the NPP, both ideologically and on the ground. He coordinated the campaign efforts of Nana Addo and others in 2009 to expand significantly the party’s Electoral College to include all polling station executives.
Collateralisation and Ghana’s Petroleum Revenue
“Any contract, agreement or arrangement to the extent that it encumbers or purports to encumber the assets of the Petroleum Funds whether by way of guarantee security, mortgage or any other form of encumbrances is contrary to this Act and is null and void.” Section 41(2) of Act 815. In April 2011, the Parliament of Ghana passed the Eight Hundred and Fifteenth Act known as PETROLEUM REVENUE MANAGEMENT ACT, 2011. The Act received Presidential assent on 11th April 2011. Gazette notification was also issued on 15th April 2011. more>>>
There is no way to miss the point of yesterday’s midterm elections. The American people are deeply frustrated with how they are being governed. The political debate is at an all-time partisan low and the public over the last three election cycles are calling for something, almost anything, to change that. They want to see progress on the economy, on job creation, on taxes, and on the federal budget deficit. No matter how voters cast their ballots these are the issues that voters want their representatives in Congress to address. Now. This overarching voter mandate to “fix it” delivers with it a set of responsibilities to the incoming Republican leadership of the House of Representatives and their strengthened minority counterparts in the Senate as well as to Democratic leaders in the Senate and President Barack Obama and his administration. For the Republicans this means they need to become partners in governing our nation. They can no longer be the “party of no” after yesterday’s vote. Republican leaders must craft serious legislative proposals to match the serious problems our country faces today and in the future.