Aker-AGM deal: Critically ensure Ghana gains requisite value for money – ASEPA to Parliament

• ASEPA has urged Parliament to critical ensure its oversight in the Aker-AGM deal

• The deal by GNPC is expected to increase Ghana’s interest in the oil fields to 47% and 85% respectively

• CSOs in the extractive sector have raised concerns over the actual valuation of the deal

The Alliance of Social Equity and Public Accountability (ASEPA) has added its voice to that of civil society organisations calling for strict oversight on the Ghana National Petroleum Commission’s (GPNC) plan to increase its shares in two offshore fields.

The two oil blocks which are currently owned by Aker Energy and AGM Petroleum Ghana is expected to increase Ghana’s interest in the oil fields to 47% and 85% respectively.

Executive Director of the ASEPA, Mensah Thompson, addressing journalists in Accra, called on Parliament to critically ensure Ghana gets the requisite value for money from the deal.

“We also want to make a special appeal to Parliament to exercise serious scrutiny when the numbers are presented. They should take their time and not rush this transaction through just like the earlier memo that went to the house, but painstakingly scrutinise every bit of it and make sure that all the concerns of CSOs, experts and interested parties are adequately addressed.”

“If it turns out that even though the principle is good, but the valuation is bad and problematic, we would kick against this transaction with all our might. If the valuation is fair and meets all local and international standards, then we CSOs would have no choice but to support it,” Mensah Thompson said.

The Aker-AGM deal which has been kicked against by a number of civil society groups is estimated to cost US$1.6 billion.

The CSO’s working in the extractive sector have said the valuation of the transaction is not beneficial for the country as they believe the oil block is worth more than the estimated figure. Read Full Story