Reports have it that recent investigations by OpenSource Investigations have revealed scrutiny surrounding former Finance Minister Ken Ofori-Atta’s involvement with American company ExxonMobil in the exploration of the Cape Three Point oil block.
Despite resigning from office following criticism of his performance, Ofori-Atta’s connections to lucrative ventures under President Akufo-Addo’s government persist.
Reports suggest that Ofori-Atta, through his companies Data Bank and Enterprise Life Assurance Company (ELAC) Limited, holds a stake in the Deepwater Cape Three Point oil block exploration project.
This intricate shareholding involves Ghana Oil (GOIL) and a partnership with ExxonMobil, facilitated during Ofori-Atta’s tenure as Finance Minister.
Allegations point to a maneuver orchestrated by former Energy Minister John Peter Amewu to allegedly influence ExxonMobil’s choice of local partner in the oil business.
This purportedly led to the exclusion of Griffon Energy Africa Limited, owned by prominent businessman Dr. Sam Jonah, in favor of GOIL, in which Ofori-Atta has direct interests.
Initially, ExxonMobil had selected Griffon Energy as its local partner in accordance with Ghana’s local content participation regulations, designating a 5% stake for an indigenous company alongside GNPC’s 15% stake in the block. However, under pressure from the Energy Minister, ExxonMobil switched to GOIL, allegedly influenced by Ofori-Atta’s connections.
The saga unfolds as ExxonMobil, mandated to have a local partner as part of Ghana’s local content participation requirements, originally selected Griffon Energy for a 5% stake in the multi-billion dollar venture. The maneuvering behind the scenes paints a picture of political influence and potential conflicts of interest.