Temporary Hold On New Oil Exploratory Licenses

There will be no further issuance of oil exploratory licenses until parliament passes the new law to regulate the sector. Chairman of the Parliamentary Committee on Energy, Moses Asaga announced this at a workshop for MPs in Koforidua. The directive follows suggestions from some civil society groups and MPs who argue that the current laws enacted under the PNDC regime do not bring the nation maximum benefits. Mr. Asaga told Joy Business it makes sense to freeze the granting of new licenses once there was an ongoing process to promulgate a new law. “Immediately the new laws are passed, then parliament will be in the position to ratify new agreements,” he added. But Former Finance Minister, Dr. Osei Akoto said Parliament is not aware of the decision. He said government must officially inform the house of its decision.