The Ranking Member on the Committee of Mines and Energy, Mr John Abdulai Jinapor, says the notion that government is not making money from petroleum proceeds is a fallacy. According to Mr Jinapor, the government has, this year alone, generated more revenue than it projected for.
Briefing the Parliamentary Press Corps, the Yapei/Kusawgu legislator said in the 2022 budget, government projected that it will receive a total amount of about 6 billion cedis.
“Today, as we speak, from the Public Interest and Accountability Committee report, in less than three months, government has received over GH8b from our petroleum resources.”
To him, this is an indication that government is making supernormal profit and is, therefore, capable of using some of the money to bring down the prices on fuel.
He called on President Akufo Addo and the Minister of Finance, Mr Ken Ofori-Atta, to do something about increment in fuel prices.
According to him, the duo should sit up and use the supernormal profit it is making to cushion the ordinary Ghanaian.
Mr Jinapor also used the opportunity to raise issues about the price stabilisation and recovery levy, intended to subside fuel prices.
He told the journalists that, the government projected to rake in GH¢269m in the first two quarters, but records from the Finance Minister shows that the government has received about GH¢800m already.
“We have demonstrated to you that government got more than it required even in the first quarter. We have demonstrated to you that even with the price stabilisation levy, instead of the GH¢260m, they have got about GH¢800m. And so this notion that government is not making revenue is a fallacy, a complete falsehood. Government is making so much money from our petroleum resources,” Mr Jinapor said.
He said the Minority is of the view that government can do something about the fuel price increment in order to cushion the ordinary Ghanaian.
He contended that the exorbitant fuel prices is having a cascading effect on food prices and the general cost of living.
Mr Jinapor also said that the Tema Oil Refinery (TOR) must be resourced to enable it process Ghana’s domestic crude that can give the country about 45,000 barrels of processed crude on a daily basis.
“This is not rocket science. This is something we attempted doing by giving TOR 2m barrels of oil from the TEIN fields under President Mahama,” Mr Jinapor said and called on the government to act.
