Legal experts demand Ghana change its oil company contracts. Current agreements fail to bring fair money back to the country. The Institute of Economic Affairs hosted a meeting about petroleum deals. Victor Anku Tsede from Excel Legal Consultancy said Ghana needs better terms. He believes technical workers should lead future talks without political pressure.
The government signed a deal with major oil companies extending licenses until 2040. Tullow Oil, Kosmos Energy, PetroSA, Ghana National Petroleum Corporation and Explorco received four extra years. The companies plan to drill 20 new wells with two billion dollars in investment. Civil society groups worry about the timing and transparency of this extension. They question whether the deal helps Ghana in the long run.
Justice Sophia Akuffo criticized renewing Tullow Oil's contract 11 years early. She said Ghana still fights with Tullow over unpaid taxes worth millions of dollars. The former Chief Justice questioned extending agreements made under old laws. She wants public review of all contracts before making new commitments. Akuffo believes Ghana should pause and examine its oil partnerships.
The forum speakers agreed Ghana needs stronger oversight of oil deals. They want more public information about petroleum agreements. Experts called for national discussion about the future of oil extraction. The country must balance getting resources with long-term planning. Better institutional control could protect Ghana's interests in future negotiations.
The government signed a deal with major oil companies extending licenses until 2040. Tullow Oil, Kosmos Energy, PetroSA, Ghana National Petroleum Corporation and Explorco received four extra years. The companies plan to drill 20 new wells with two billion dollars in investment. Civil society groups worry about the timing and transparency of this extension. They question whether the deal helps Ghana in the long run.
Justice Sophia Akuffo criticized renewing Tullow Oil's contract 11 years early. She said Ghana still fights with Tullow over unpaid taxes worth millions of dollars. The former Chief Justice questioned extending agreements made under old laws. She wants public review of all contracts before making new commitments. Akuffo believes Ghana should pause and examine its oil partnerships.
The forum speakers agreed Ghana needs stronger oversight of oil deals. They want more public information about petroleum agreements. Experts called for national discussion about the future of oil extraction. The country must balance getting resources with long-term planning. Better institutional control could protect Ghana's interests in future negotiations.
