Minority says vindicated over Aker-AGM block sale to gov’t

The minority National Democratic Congress (NDC) in Parliament has been vindicated by Aker Energy’s decision to relinquish its interest in the AGM South Deep Water Tano Cape Three Points (SDWT/CTP) block, Deputy Minority Leader, Emmanuel Armah-Ko Buah has stated.

According to him, the minority during a debate on the oor of the House on the deal in 2021 vehemently opposed the proposed sale of the block to government at the cost of GH¢ 1.65billion, arguing that it was not in the interest of the nation.

Addressing a press conference in response to a news publication that suggests that, the minority has been silent on the decision by AGM, a subsidiary of AKER Energy, to pull out of the US$1.65 billion transaction with the Ghana National Petroleum Corporation (GNPC), the former Energy minister showed videos of himself debating against the proposed sale on the oor as a vindication of his side.

Energy Minister, Dr Matthew Opoku Prempeh told parliament that government fully backed GNPC’s decision to acquire stakes in the $1.6bn Aker-AGM deal to acquire 70% stake in the South Deep Water Tano (SDWT/CTP) and another 37% stake in the Deep Water Tano/Cape Three Points (DWT/CTP).

Until the recent announcement, the SDWT/CTP was operated by AGM Petroleum Ghana Limited while the DWT/CTP is operated by Aker Energy Ghana Limited. Apart from the NDC minority, some civil society organisations have raised issues about the acquisition describing it as threatening the country’s economic and scal outlook. The CSOs who raise red ags about the valuation includes IMANI Africa, Africa Centre for Energy Policy (ACEP) and other petroleum among other energy experts.

According to the Ellembele MP, the minority stood up for Ghanaians when AKER tried to sell the AGM block emphasizing that, that it was not of value and was risky but the NPP Government nearly paid over $1 billion for it.

“The minority in parliament stood up when Aker tried to sell the AGM south deep water Tano block, we stood up and spoke and we will never betray the people of Ghana.

“…we want to basically let the people of Ghana know that we stood up. We continue to stand up, when it came to the issue of Aker basically coming to parliament to water down our take as a country and to reduce the power of the regulator the Petroleum commission, we spoke about it. We insisted it was wrong and today we know it; AKER has basically been dilly dallying the people of Ghana and has not developed our elds. Sadly, we have three development elds,” Mr. Armah-Ko

Buah stated.

Ghana would have lost over $ 1 billion had GNPC acquire the blocks but for the minority’s opposition to the deal.

The caucus said the recent announcement by AGM of relinquishing the block vindicates its position against the propose sale to GNPC.

According to the news publication, the NDC have some competent materials who have, at various times, worked in the Energy Ministry and understand the fallout of the botched transaction, but observers have been worried at the deafening silence of the minority, especially those on the Mines and Energy Committee.

Amongst these are; Edward Bawa, Member of Parliament Bongo in the Upper East Region and the Ranking Member, John Jinapor, MP for Yapei-Kusawgu in the Savanna Region, Kwabena Donkor, MP for Pru East in Bono East Region and Emmanuel Armah Ko Buah, the MP for Ellembele in the Western Region. They have either been spokespersons, deputy ministers, or substantive ministers at the Energy Ministry; interestingly, they have kept total silence on the matter since news broke that the transaction had collapsed because AGM had pulled out, technically, handing over the oil some state o cials were willing to sink over US$1.65 billion for free. The NDC minority addressed the media to discredit the claim by the new report.

Commissioner to Ghana, Grace Jaenet Mason, has announced plans of more investments between her country and Ghana aimed at boosting trade volumes and intra-africa trade.

Trade between Ghana and South Africa is already in excess of US$5 to 6billion annually, and available data reveal that as of November 2022, the top exports of South Africa to Ghana were Hot-Rolled Iron Bars (ZAR294M), Organic Composite Solvents (ZAR238M), Trailers and semi-trailers, not mechanically propelled... (ZAR229M), Delivery Trucks (ZAR194M), and Machinery Having Individual Functions (ZAR176M).

Speaking with the press during the Global South Africans reception and the commemoration of Human Rights Day, on Tuesday, at her residence in Accra, she said “we can do more and we will do more, the Africa Continental Free Trade Area (AfCFTA) is a catalyst for us to do more, create value chains so in all sectors

Ghana will nd what they have as a niche in industries, economies and South Africa will also have our niche as we tend begin to collaborate, trade.

We are already trading and as you look, we have got over 200 South African companies that are all over from our mining sectors to services, banking sectors and we are bringing in more in terms of investments, infrastructures, development, more trade, more services, we are going to use precisely the reason why we do it on the backdrop of AfCFTA is because there is a blackfold and we also have instruments that makes ease of business more easier with none of the areas to trade.

As we noticed last week, Ghana and Nigeria were trading in terms of Pan African payment settlement system so that is the next opportunity for South Africa and we are going to be trading but it’s a vision our fore fathers had for us; now is imple menting it.

There are targets and the Secre tary General of the African Conti nental Free Trade Area has been given out pronouncement and feedbacks from the meetings of the leaders of the elderly section of the AU and in there are the results and progress made to date. I particularly is looking forward to the protocol that we envisage to sign in July of 2023 which is a protocol on women and youth and trade.

Human Rights Day

She also disclosed that, with South Africa being a new member of the UN Human Rights Council will leverage on its membership to ensure the protection of human rights and freedoms.

March 21 is celebrated as a public day in South Africa to remember the killings committed on 69 South Africans during the apartheid era.

“In South Africa today, it is public day and a human rights day -this is a day we celebrate, as we celebrate we remember the atrocities that were committed by the apartheid era where 69 South Africans that were protesting were killed ..so this is a day we say never again and to say that South Africa has a constitutional democracy, we have a bowl of rights and

By Eugene Davis