Government Clarifies Use Of Oil Resource As Collateral For Loans

Government has clarified its decision to use petroleum resources as collateral for loans. The Member of Parliament for Adansi Asokwa, K.T Hammond is accusing government of seeking to use the country’s oil reserves as collateral to fund the controversial STX Korean housing deal. The Trades Union Congress has also kicked against moves to amend the oil revenue management bill to enable government collateralize the oil reserves. Speaking on Joy FM’s current affairs program, News File, the deputy Finance Minister Fiifi Kwetey said the critics got it all wrong. He says government intends to use revenue from the oil exploration as collateral for loans and not the oil reserves. But the National Coordinator Civil Society Platform on Oil and Gas Amin Adams says any such attempt will not be in the interest of the nation. Play the attached audio for excerpts of Messrs Fiifi Kwetey and Amin Adams' submissions