A former Chief Executive Officer (CEO) of Ghana National Petroleum Commission (GNPC), Mr. Alex Mould has challenged government to publish a detailed statement on the proceeds and expenses of the Energy Sector Levy.
This he said is prudent financial management and would ensure transparency in the handling of funds from the levy which Ghanaians deserve to know as contributors and stakeholders.
In an interview with Francis Abban on Star FM’s the Morning Starr monitored by MyNewsGh.com, Mr. Mould wondered why Ghanaians have been kept in the dark on the Energy Sector Levy after the bond issuance.
He said the first time the Energy Sector Levy bonds were issued was in 2016 and in the handing over notes, it was suggested that the next government must continue to do same.
Mr. Alex Mould explained that the bonds were necessary because though the proceeds were meant to cater for the energy sector debt, it was not enough to pay off both the principal and interests on the debts.
According to him, it implied the country would have been paying for a longer time so far as the interest kept accruing justifying the issuance of the bonds either in tranches or in bulk he said is the tactical imperative of the Finance Minister.
“Let me make it very clear, these are Ghana government bonds and although they are issued by an SPV, it is part of Ghana’s debt and should be part of Ghana’s debt.” He added
“My understanding is we haven’t seen a statement yet from ESLA as to how much money has been received and I think transparency is very important in this area. Because we are the stakeholders, you and I who is paying the price of fuel; ESLA is ours. We have entrusted the government and the ESLA board to ensure that this money is used for it.”
The former CEO of the National Petroleum Authority (NPA) revealed “I remember you just mentioned that we are still paying the TOR recovery levy and I am sure if you are quizzed as to how come you don’t know how much has been collected and how much has been paid. That is one of the challenges I think we need reforms in this country about ensuring people are aware of things and we should be able to go to a website which tells us in 2016, we received “x” amount and this was the uses of funds; this is prudent financial management and for stakeholders like us, the responsibility is for whoever is responsible for the accounts to make sure that it is transparent and we receive this information in a timely manner.”