GHANA’S nascent oil industry is losing several hundred millions of dollars to illicit
financial flows. While no specific figure has been put to the loss in the
petroleum industry, the country has been noted to be losing about USD 38
million yearly in the mining sector alone.
Mr Abdallah Ali-Nakyea, a tax expert, answering questions, said, based on
the data available, between 2002 and 2011, Ghana lost more than $14 billion
to illicit financial flows in the natural resource industries.
Dr
Mohammed Amin Adam, the Executive Director of the African Centre for Energy
Policy (ACEP) told the second Africa Oil Governance Summit ongoing in Accra,
September 26, 2016, that it is possible for the situation to occur because
government officials who are usually mandated to negotiate on behalf of the
African countries, do not do so, seeking the public interest, but their private
interests.
These
observations and findings have been compliled by the GFI.
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