Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Repealing Dodd Frank Act bad for Africa – ACEP

  • SOURCE: | Editor
  • picsart_1412798383854-1The African Centre for Energy Policy (ACEP) has expressed worry about moves to repeal the rules on the Dodd Frank Act by the US government.

    The existing Act requires US companies abroad to disclose payments made through taxes, royalties, contract fees and all other payments for infrastructure development and corporate social responsibility to host government.

    However, ACEP believes that a repeal of the Act will affect global efforts of ensuring transparency in the governance of the extractive sector.

    Speaking to Class News, Dr Ismael Ackah, head of policy Unit and Energy Policy Advisor at ACEP called on African governments to individually and collectively condemn the move and act to protect the interest of Africa.

    “What we are saying is that it is unfortunate because it is going to affect the transparency and accountability in the extractive sector. …Also, other countries started following the same process – Canada, Norway and others. …We are calling on African governments to have their own laws, maybe at the continental or sub-regional levels either at the ECOWAS level or the AU level that when you are coming in, any payment that you make, you have to declare them because one of the main reasons [this is] very serious is that if they make a payment of maybe GHS2, they can record that they made GHS4 payment and because of that they are under-taxed, they pay less tax to the state. Apart from the bribes and other things, it will also lead to under-invoicing, transfer-pricing and so many other instances which will affect African countries”.

    Source: http://www.classfmonline.com/1.10732866

    Share this article

    Leave a reply

    Personality of the Month
    Poll

    Do you think the President should fund the free SHS with oil revenue?

    Follow Us Online
    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Events Calendar
    << Sep 2018 >>
    MTWTFSS
    27 28 29 30 31 1 2
    3 4 5 6 7 8 9
    10 11 12 13 14 15 16
    17 18 19 20 21 22 23
    24 25 26 27 28 29 30
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar