Victor Anku Tsede, Managing Consultant at Excel Legal Consultancy, has called for a full-scale review of Ghana’s petroleum agreements, arguing that existing contracts have failed to yield adequate benefits for the country.
Speaking at a forum organised by the Institute of Economic Affairs (IEA) under the theme “Reviewing Petroleum Agreements for the Good of Ghana,” Tsede stated that while past agreements may have been appropriate at the time, future petroleum contracts must reflect Ghana’s current needs and development goals.
He emphasized the importance of parliamentary oversight in such agreements to ensure constitutional safeguards and proper management of the nation’s natural resources.
His remarks come in the wake of a recent Memorandum of Understanding (MoU) signed between the Government of Ghana and major oil stakeholders, including Tullow Oil, Kosmos Energy, PetroSA, the Ghana National Petroleum Corporation (GNPC), and Explorco. The MoU extends the licenses for the West Cape Three Points and Deepwater Tano blocks—home to the Jubilee and TEN oil fields—from 2036 to 2040.
The extension paves the way for up to 20 new oil wells to be drilled, representing a $2 billion investment aimed at boosting Ghana’s long-term energy capacity.
Despite the projected benefits, the deal has sparked criticism from civil society organisations, who have raised red flags over the lack of transparency and the perceived haste in granting the extension, especially with over a decade remaining on the existing contracts.
Tsede called for the establishment of an independent review committee to reassess current agreements, referencing international models where similar evaluations have strengthened resource governance. He also cautioned against political interference in contract negotiations.
“Politicians should not lead these discussions. In my experience working with investors, the technocrats at GNPC and the Petroleum Commission were knowledgeable, focused, and knew exactly what was required,” he said.
Justice Sophia Akuffo, Distinguished Fellow at the IEA and former Chief Justice of Ghana, also raised serious concerns over the government’s decision to extend the petroleum licenses.
She questioned the justification for extending an agreement that still has 11 years left before expiry, particularly with Tullow Oil, which has been involved in recent arbitration with Ghana over disputed tax payments.
“It’s as though Tullow has been an exemplary partner,” she remarked. “Yet, in the past few years, Ghana has been engaged in legal disputes with them over tax obligations. They’ve used multiple arguments to challenge those payments.”
Justice Akuffo noted that millions of dollars in disputed tax revenues remain unpaid, while Ghana now faces the possibility of paying over a million pounds in costs or damages arising from the arbitration process.
“In the midst of all this, we’re extending the agreement—one that’s not even close to expiring, and that was signed under an outdated legal framework. So, when they say it’s being extended, what exactly is being extended—just the time?” she asked.
Justice Akuffo also criticized the lack of public disclosure surrounding the MoU and urged a broader national conversation.
“We need to pause and review everything—our experiences, the terms of these agreements, and where we want to go from here,” she said. “How does all of this align with the President’s own vision of resetting the nation?”
Both experts called for increased transparency, institutional accountability, and reforms that ensure Ghana’s natural resources truly serve the interests of its people.
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