Domiciling JOHL Assets: Ben Boakye proposes legal suit against Gov’t, GNPC
Executive Director of the African Centre Energy Policy (ACEP), Ben Boakye, has proposed a legal suit against the Government and GNPC by a civilian or CSOs in a bid to domicile assets of the Jubilee Oil Holdings Limited (JOHL) currently registered in Cayman Islands, a tax haven country.
Speaking on the NorvanReports X Space on the topic “Is JOHL Under Political Capture? – Analyzing Implications of Securitizing JOHL assets for $420m LITASCO Loan”, Mr Boakye noted that a legal suit has become imperative given the GNPC and Government’s failure to revert assets of JOHL back to Ghana and subject JOHL to the Petroleum Revenue Management Act (PRMA).
“It has been almost 2 years after advocating for the assets of JOHL to be domiciled in Ghana and nothing has still been done by GNPC and Government, clearly there is no commitment on the part of GNPC or Government to be transparent with JOHL assets.
“Someone or CSOs must therefore challenge this illegality in court to ensure that JOHL assets are returned to Ghana,” he posited.
According to Mr Boakye, all petroleum revenue that accrues to JOHL goes to Cayman Islands where the GNPC decides what to do with the petroleum revenue, a clear contravention of the PRMA Act that stipulates that all petroleum revenues must be channelled into the Petroleum Holding Fund for subsequent disbursements approved by Parliament.
“Our fear of JOHL assets being used as a slush fund has been materialised,” further stated Mr Boakye making particular reference to the collateralisation of oil revenues accrued by JOHL for a $420m debt arrangement between GNPC and LITASCO.
“The politicians are using it the way they want and being less accountable about the assets to Ghanaians,” he added.
Mr Boakye notes that, total petroleum revenue accrued to JOHL at end-2022 stood at $340m.
Adding that, JOHL, since its creation has not paid a dime in taxes to the State despite millions of dollars in oil revenues accruing to the company.
