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"Let me tell you this personally, I am disappointed today. I think the gift was too exaggerated to the extent that we, as a country, failed in our negotiations. "
Forson was responding to Parliament's approval of the oil deal between the government, the Ghana National Petroleum Corporation and ExxonMobil and Goil Offshore for the exploration and production of the Cape Deep Deep Points Block.
Mr. Forson said he was concerned about the negotiations regarding what he called an additional duty on oil, which would not benefit the country.
He argued that the withholding tax on the dividend, which should have been maintained at 8%, had instead been reduced to zero, in violation of the country's tax laws.
He also expressed his concern about the withholding tax on subcontractors and affiliates providing services to ExxonMobil, which should be maintained at 15%, but reduced to 5%, while local businesses was also reduced from 7.5% to 5%. which equates to a huge loss of income.
Mr. Forson stated that contrary to the Income Tax Act (Bill 896), which stipulated that ExxonMobil could carry forward its losses over five years, it has now been extended to 10 years.
He added that all tax exemptions granted to ExxonMobil under the agreement had a huge impact on the nation's revenues.
Mr Emmanuel Armah Kofi Buah, former Minister of Energy, said that while it was good to host ExxonMobil in the oil sector, the country needed to make sure not to lose.
He added that the country needed to ensure that the agreement with ExxonMobil was balanced in terms of key provisions.
Mr Buah said the agreement ratified by Parliament was in complete violation of the country's tax laws.
"It is sad for me to say that the agreement that has been ratified is in complete violation of our tax legislation …. I think it's important that we address these issues with respect to withholding tax, capital cost allowance … ".
"The danger is that we are going to create the precedent that any company that came to Ghana to explore oil would benefit from the same exemption that you gave to ExxonMobil."
Dr. Mohammed Amin Anta, Deputy Minister of Energy, reacting to the minority's complaint, said that, despite the exemptions granted to ExxonMobil, the net oil that Ghana would obtain would reach 84%, which is the most high never recorded since. the history of the country.
He explained that the last net oil earned by the country under the administration of the National Democratic Congress was 74%.
He said that of the 13 oil companies that the NDC government had signed, none of them were performing because they could not raise the US $ 890 million needed for their operations.
"We are looking for competent companies and with ExxonMobil, you can not challenge their skills."
Dr. Anta argued that it was very simplistic for the minority to compare previous oil agreements, which consisted of a shallow oil block, to the current ExxonMobil which was a block of ultra water -profonde.
He explained that all the oil companies that came to Ghana in terms of average seismic acquisition were about 1,000 km 2 but that Exxon 's had an area of 2,200 km 2.
He said that for the first time, the transfer of technology and the annual contribution to training were the highest, rising to $ 7 million and $ 2 million respectively.
"So look at the exemption we grant but also look at what we get from Exxon, which we have not received from any other company in Ghana," he said. .
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