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Statement By The Minister For Petroleum Hon. Emmanuel Armah - Kofi Buah (MP) At The Launch Of The 2012/ 2013 Ghana Extractive Industries Transparency Initiative ( GHEITI) Reports For Mining And Oil And Gas Sectors |
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Mr Chairman,
Chief Directors,
Hon. Members of Parliament,
Members of the Steering Committee of GHEITI,
The Media
Ladies and Gentlemen,
It is an honour for me to be here for the launch of the 2012/2013 Ghana HEITI Reports for Mining and Oil and Gas Sectors. Following the extension of the EITI to the oil and gas sector in 2013, the Ministry of Petroleum has been following and participating the activities of GHEITI with keen interest for the purpose of ensuring transparency in the production crude oil in the country and utilisation of oil revenue.
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GHEITI Launches 2012/2013 Mining, Oil and Gas Reports |
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The Finance Minister, Mr Seth Terkper, has expressed concern about the lack of capacity of the revenue collecting agencies to monitor tax players in the extractive industry appropriately. At the launch of the Ghana Extractive Industry Transparency Initiative reports (GHEITI) on the mining, oil and gas sector for 2012 and 2013 in Accra, Mr Terkper said, "Transfer pricing in the extractive sector is one major challenge that revenue institutions must overcome because of its negative effect on revenue collection."
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Ghana Earns $978.82 Million From Crude Oil |
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GHANA earned $978.87 million equivalent to GH 03.0 billion from the export of oil from the jubilee field as of the end of 2014, Seth Terkper, Minister of Finance has disclosed. He said total volume of crude oil produced from the Jubilee field in 2014 was 37,201,691 barrels rep-resenting an increase of 42.6 per cent over 2011 production levels. In a speech read on his behalf at the launch of 2012/2013 Ghana Extractive Industries Transparency Initiative (GHEITI) audit reports in Accra yesterday he said the average daily production rate in 2014 was 101,922 barrels per day.
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Press Release: 10th february 2015 Ghana Launches 2012 and 2013 EITI Reports |
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Accra, February 10, 2015.
The National Multi-stakeholder Steering Committee of the Ghana Extractive Industries Transparency Initiative (GHEITI) has today formally launched the country's 2012 and 2013 mining, oil and gas EITI audit reports, released on December 27, 2014. The two reports bring to ten, the total number published since Ghana acceded to the initiative in 2003. The 2013 report is the third for the oil and gas sector.
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