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Review past contracts – Greenstreet urges Akufo-Addo

The 2016 Convention People’s Party (CPP) Presidential Candidate has implored President Nana Addo Dankwa Akufo-Addo to ensure past contracts are reviewed for the benefit of Ghanaians.

Ivor Kobina Greenstreet said some agreements entered into by past governments are skewd in favour of the investors at the expense of the country.

At the 17th Annual Delegate Conference of the University Students Association of Ghana (USAG) Tuesday, the legal practitioner said the president has to demonstrate his commitment to the welfare of the citizens by renegotiating all agreements with companies.


“We are concerned about poverty and the lack of opportunity in Ghana which is such a wealthy country,” he said, adding tax incentives given Multinational Corporations are robbing the citizens.

Mr Greenstreet said Ghana lost $100 million between 2011 and 2012 because one of the multinational companies, SINOPEC did not pay corporate income tax, import duties and value added tax (VAT). SINOPEC constructed the country’s gas infrastructure in the Western Region.

He also cited the Newmont and AngloGold Ashanti agreements which he said were riddled with flaws that do not inure to the benefit of the country.

The President Akufo-Addo government has already saved the state over $1billion after it reviewed some power contracts signed by former President John Mahama.

They include the Liquefied Natural Gas supply contract, which Finance Minister, Ken Ofori-Atta said it was overpriced.

Although he did not state the contracts that need review, Mr Greenstreet believes all past agreements are not in the interest of the country.

Ghana’s tax regime gives some incentives to foreign companies in order to bolster investment.

But Mr Greentstreet said the practice is not helping the country.

“No real gains have been achieved from this policy,” he told the students, adding the country’s revenue is decreasing because of that.


Source: Ghana | | Austin Brakopowers | | Instagram: @realbrakopowers

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