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18.12.2002 General News

Is Ghana Losing $156.6M?

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Ghana is reported to have lost up to ¢156.6million as a result of the failure of the government to ratify an agreement concluded with the Volta Aluminum Company (VALCO). According to sources in the Energy sector, the government of Ghana concluded an agreement with VALCO and the Volta River Authority (VRA) in December 2000, which should have brought in $30.4 million a year. The agreement, which had taken two years to negotiate, was to take retrospective effect from January 1, 1999. It was expected to last until December 31, 2003. When the NPP assumed power in January 2001, it did not ratify the agreement. Instead it appointed a new negotiating team, headed by Mr. B.J. da Rocha, a former NPP National Chairman and a legal heavy weight. According to THE INSIGHT, the negotiations have not been concluded and the terms of the previously concluded agreement have been put on hold. The paper has highlighted the agreement reached with VALCO and VRA in the paper. ... watch this space for the agreement

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