Minority Hailed For Securing 10% Rise For GNPC In Aker/AGM Deal

The Minority Caucus in Ghana’s Parliament has taken credit for the re-adjusted GNPC’s shares from 3 to 10 percent in government’s re-negotiated deal with AGM/Aker Energy in the South Deepwater Tano Oil Block.

Parliament last Friday ordered the Minister for Energy, John Peter Amewu, to change the Free carried interest of the Ghana National Petroleum Company (GNPC) in the renegotiated deal from 3% to 10% to reflect a consensus reached among the leadership of both sides of the House and report back to Parliament within six months.

The approval of the agreement became a subject of controversy on the floor of Parliament where the Minority was of the view that the nation was going to lose some 10 billion dollars as a result of the reduction of the stake of the state in the overall deal.

It maintained that out of a total amount of 43percent stake government had under the previous agreement signed under former president Mahama, the current government under the leadership of President Akufo-Addo, has re-negotiated it down to 18percent.

It has now emerged that the re-adjustment in GNPC’s share was at the behest of the negotiation prowess of the Minority group in Parliament.

The Ranking Member on the Parliamentary Select Committee on Mines and Energy, Adams Mutawakilu indicated in a radio discussion at the weekend that the Minority managed to clinch the deal for an upward adjustment with a waiver of their right as a Minority to stage a walkout or to call for a head count of the voice votes.

“So the negotiation, we pushed to get 7 more percent in addition for foregoing walkouts, forgoing headcounts and the rest. But in respect to it being on consensus, we did not agree… We opposed and we had our arsenals and we must negotiate, and doing that we managed to push it to 10,” he indicated on Joy Fm’s Newsfile on Saturday April 4, 2019.

The Damongo MP explained that as a Minority they had three steps approach to either use a walk out, head count or trigger Article 268 to frustrate the process. But they opted to forfeit these options in order for the shares of GNPC to be increased.

Therefore it was earned by the Minority and they must be given the credit for it.