Renegotiate oil and mining deals if you looking for money to run the country – Prof Gyampo tells Gov’t

A Senior Lecturer at the Political Science Department of the University of Ghana (Legon),Professor Ransford Gyampo has asked government to renegotiate mining and oil deals if it truly needs money to finance the activities of the country.

Speaking on TV3 on Wednesday, March 30 monitored by GhanaPlus.com he said government can generate so much more from the two sectors if they will renegotiate.

He revealed the country only earns about 13% and 5% from its oil and gold sectors respective something that is woefully deserving of owners of the resources.

Professor Gyampo questioned why Ghana, owners of the resources earn a paltry sum while those exploring the resources takes the chunk of the monies and cited Ghana can emulate the likes of Libya’s late President Mahammed Gaddafi when it comes to the sector.

“For me, if government is looking for money to governing us and run us they should think harder and look at available sources when they can get more income than e-levy that taxes the poor because I have always said somebody went to negotiate such that royalties and monies accruing to us as a people from mining our gold is just about 5%. The person who come to mine takes way 95% and give us 5%.  Are we a nation being govern by people who have receive and benefited by our mandate?”.

 “Then come to oil. You come to drill oil in my country you give me 13% and take 87% away.  Mohammed Gadaffi, Colonel Mohammed Gadaffi was taken 70% . If you come and pump the oil from my country, my land, I will take 70% you will go with .30%  if you don’t like it allow the oil to remain in the soil. We have said if you drill the oil, let me just take 13% and let them take the 87% away”.  

He emphasized if Ghana truly needs money then the best way out is for the country to renegotiate those deals so the nation can benefit rightly from what it’s due its citizens.

“So, if we truly looking for money what prevent the political elites from going back and renegotiating some of these agreements,” Prof Gyampo mentioned.

Source: GhanaPlus.com