[ 2016-09-26 ]

We’ll renegotiate agreements with multinationals mining in Ghana to pay more – C
All multinational companies in Ghana mining
natural resources should brace themselves to pay
more in taxes IF there is a change in government
after the 2016 polls.

This is according to the Convention Peoples Party
which says Ghana has been fleeced for too long by
multinationals who pay a pittance of what they get
as profit.

Flagbearer of the party, Ivor Kobina Greenstreet,
when he took his turn on TV3’s political program
‘The Platform’ said “The Convention
Peoples’ Party (CPP) intends to renegotiate all
agreements concerning our natural resource sector
to maximize revenue for Ghana.”

Mr. Greenstreet expressed shock at parliament’s
recent decision to review downwards the amount of
royalties paid by mining giant Goldfields Ghana.
Mr. Greenstreet said “we are not in favour of
the royalty tax system, some people call it the
Ghana Hybrid system, contained in the Petroleum
Bill currently before parliament with respect to
our oil resources.

“We prefer the production sharing formula where
we share oil and gas produced in agreed
proportions between oil companies and Ghana as
opposed to the current system where we rely mainly
on collecting taxes… And you know we are not
good at collecting taxes and multinationals are
very good at dodging taxes.” According to the
CPP flagbearer, Ghana can rake in more revenue for
infrastructure development if the CPP’s strategy
is implemented instead of borrowing
unnecessarily.

He said “if we had pursued this formula, we
would have earned over 9 billion US dollars from
our oil resources between 2010 and 2015 instead we
only earned 3 billion from the current royalty tax
system.

These kinds of interventions from the CPP would
ensure that sufficient funds would be made
available for financing development as opposed to
loans, loans, loans.”

Mr. Greenstreet added that Ghana has enough
potential to generate resources internally and
under a CPP government all these policies would be
pursued to also create jobs for the youth.

Source - 3news.com

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