Mr Alex Mould, a former Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), has said Ghana is losing billions of cedis in the Hess Agreement owing to negligence on the part of the Akufo-Addo administration.

He accused the government of state capture as far as the deal is concerned.

He said GNPC signed an agreement with Hess Energy to pay for 10 per cent of no pls hold onthe shares once the legal tussle with Ivory Coast over the maritime boundary was over.

Ghana, the oil producing West Africa nation, was required to pay $40 million to earn the accruing revenue of $2 to $3 billion. But Ghana failed to pay for the shares, thereby forgoing the revenue.

Mr Mould said that since Ghana did not pay for the shares, the revenue went to a foreign entity, a situation he is convinced was deliberate for corrupt reasons.

“I believe it is state capture because anybody who is truly a Ghanaian would not want 10 per cent what is due the state to be given to a foreigner or the private sector,” he stated in an interview on TV3.

“This is stealing assets from the state and giving them to the private sector, which is wrong.”
Hess Ghana has since been taken over by Aker Energy.

Mr Mould accused the New Patriotic Party (NPP) of scaring away the right investors as a result of its “dubious” approach to investment relations.

He believes the “dubious” nature of transactions is the main reason companies in the energy sector back out of tenders.