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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 is organising a news conference at the International Press Centre, Ridge, Accra, on Wednesday, December 21, 2011 at 11am prompt.

The Danquah Institute will raise issues about the apparent lack of transparency in the Sinopec agreement for the gas infrastructural project, and its implications to the $3 billion CDB loan facility, and an estimated billion dollars of income losses to the state in oil and gas production as a result of policy decisions and inertia.

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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.

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An analysis of the petroleum receipts and distribution report, for the period ending 30th September 2011, published by the Dr Kwabena Dufuor on the 21st of November 2011 reveals that Ghana lost a total amount of $479,317,303.30 under the Royalty Tax System it has adopted.

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