Bright Simons questions Energy Ministry’s request to Parliament to borrow $1.65bn

Bright Simons
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Honorary Vice President of Imani Africa and Founder of the mPedigree, Bright Simons has revealed that Ghana’s Ministry of Energy has sent a request which he describes as ‘strange’ to parliament to borrow 1.65 billion dollars.

The amount, he said, is meant to invest in oil fields being operated by Norway’s Aker Energy and AGM.

The idea that Ghana borrowing this money to buy stakes in the fields from Aker & AGM will lead to acquisition of technology & more skilled personnel for Ghana, he revealed but further questioned this motive, saying “But how exactly?”

“Ghana’s Ministry of Energy has sent a strange request to Parliament to borrow $1.65B to invest in fields operated by Norway’s Aker & AGM.

“The shockingly hollow 10-page memo contains none of the technical info lawmakers need to understand why Ghana should bear this risk at this time,” he said in a tweet.

https://twitter.com/BBSimons/status/1422004578955014155?s=20

He added “For eg: the entire memo is premised on the idea that Ghana borrowing this money to buy stakes in the fields from Aker & AGM will lead to acquisition of technology & more skilled personnel for Ghana. But how exactly? The money will go to Aker & AGM. What tech is 2 be transferred?

https://twitter.com/BBSimons/status/1422006954520612868?s=20

“The twists & turns regarding the AGM block are particularly strange. Ghana was initially entitled to ~43%.

https://twitter.com/BBSimons/status/1422014565865381893?s=20

“The Government attempted to reduce this to ~18% to make it “more attractive” to investors. It retreated to ~34%. Why borrow now to increase stake to 70% b4 appraisal is complete?”

By Laud Nartey|3news.com|Ghana

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