«We decided to do what the world is doing, so we passed this law because it pushed us from direct negotiations to open tenders. The E-P Act, Act 919 (2016), was not complied with by the government in the ExxonMobil oil agreement,» he said. The government, prior to awarding the contract, submitted a market opinion that praised ExxonMobil`s expertise, track record, technological acucucuness and financial capacity, but the PIAC member stated that «these did not necessarily indicate that Ghana would get the best offer from the company. If such agreements are reached, among others, against similar companies such as BP, Shell and the Chinese oil giants, the country will get the best deal. Paragraph 56, paragraph 1, of the Act also states that «the Commission establishes and maintains a register of oil agreements, licences, authorizations and authorizations, as intended, and paragraph 2 of Law 56 also states that «the register is publicly available.» Dr. Manteaw said: «Despite the transparency provisions that we have in the E-P Act, Law 919 (2016), we have always behaved in an opaque manner when negotiating the contract. The direct negotiations between the government and ExxonMobil have been somewhat opaque and, as we speak, we do not know our interest paid, nor do we know what our royalties have negotiated. The contract negotiated between Ghana and ExxonMobil was negotiated on behalf of the people of the Republic of Ghana and therefore deserves to know what was negotiated on their behalf. Among the advantages of open tenders is the prevention of the misuse of discretion and the guarantee of an optimal outcome for the country relative to the technical and financial capacity of the market winner. Ghana reached an agreement with ExxonMobil earlier this year and the government expects increased activity in the oil and gas industry. Energy Minister Boakye Agyarko said the negotiated agreement should generate new investment in the short to medium term. He said: «ExxonMobil comes with the highest level of security, financial accounting and everything we need to get as a country.» The government has been asked to fully disclose details of the oil deal between Ghana and US oil giant ExxonMobil. Once the agreement is ratified by Parliament, the company should take full action.
Under the agreement, ExxonMobil will carry out the work program as an operator and hold 80% of the shares, while Ghana National Petroleum Corporation (GNPC), which acts on behalf of the government, holds 15% of the shares. Under the terms of the agreement, ExxonMobil will work with the government to identify a Ghanaian company that could hold up to 5% of the shares. Dr. Steve Manteaw, a member of the Public Interest and Accounting Committee (PIAC) and an analyst at the Centre for Integrated Social Development (ISODEC), says the agreement was reached on behalf of Ghanaians and is therefore necessary for people to know what they will learn from the agreement.