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Kufuor`s Minister mad at gov’t … Over sale of Kosmos shares

The former Deputy Energy Minister and Member of Parliament (MP) for Adansi Asokwa, Hon. Kobina Tahir Hammond has advised the government to “respect its contractual obligations” with investors in the newly found oil and gas industry, and refrain from turning the country into what he described as “gangsterism.” According to him, failure by government to honour its contractual obligations will result in the country loosing potential investors, a situation he said will impede government’s agenda for a “Better Ghana.” “We should be careful at how we approach this issue. You can’t rob Peter to Paul. We are antagonizing the American people and that is not fair. The government must respect its contractual obligations with investors in the oil industry,” fumed Hon. Hammond, in an exclusive interview with The Chronicle. His advice to the government was in respect to recent publications in the Wall Street Journal and Forbes.com, two of America’s most respected financial and business media institutions. The two media institutions criticized the Government of Ghana for making mockery of the American tax payer by reneging her contract with Kosmos Energy, and some other investors in the oil industry. The Wall Street Journal, with its article headlined -“Why Africa is Poor” revealed the government’s plan of adopting strategies to buy into Kosmos Energy stake, and possibly resell them to a third party (China National Offshore Oil Corporation). “That’s the kind of official thuggery frequently associated with the likes of Nigeria, where the oil and gas industry had been infiltrated with corruption and exploitation, while the people continue to live in poverty. Until Kosmos’s investment uncovered the Jubilee oil field in 2007, there had been little success in exploration in Ghana,” the Wall Street Journal was quoted as saying. K.T. Hammond feels agonized by ongoing events in the oil and gas industry, and insisted that the government allows Kosmos Energy to sell to any investor interested in its stake in the Jubilee Oil field. “Government should allow Kosmos Energy to do its own work. There shouldn’t be any impediments on their way. The law allows the company to show interest in any other company

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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