Ghana Earns US$5.2 Billion From Oil Since 2011 And April 2020 – Report
A report by the Natural Resource Governance Institute (NRGI) has disclosed that the Ghana National Petroleum Corporation (GNPC) sold 73 cargos of oil, made up of 71.1 million barrels valued at US$5.2 billion, between 2011 and April 2020.
It was noted that the report, titled “Ghana’s Oil Sales: Using Commodity Trading Data for Accountability”, utilised publicly available data to show the importance of GNPC’s oil sales and the need for greater accountability. This it noted as the country faces the challenge of responding to COVID-19 and debt sustainability issues exacerbated by the pandemic.
The report said the impact of the coronavirus pandemic and oil price crash on Ghana’s economy means that ensuring GNPC maximises its oil sales revenues is more important than ever. “Oil sales transparency on the part of GNPC and the government has been an important step toward enabling citizens groups to demand effective and accountable management of revenue flows.
“Information on Ghana’s long-term sales contracts tied to resource-backed borrowing is especially important in the context of broader debt relief and renegotiation discussions,” said Nafi Chinery, West Africa Manager for NRGI, in a press release accompanying the report. The report also noted that GNPC has a long-term agreement, signed in 2017, to sell four cargos per year of oil from the country’s 10 fields to Russian trader Litasco.
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