Ghana loses US$70 million in oil and gas sector

Ghana loses US$70 million in oil and gas sector

Ghana lost about $70 million over the past two years in the oil and gas sector due to her inability to apply the Capital Gains Tax provided in the Internal Revenue Act, 2000 (Act 592).
GhanaThe loss emanated from the sale of EO Group’s 3.5 percentage stake in Kosmos Energy to Tullow Oil and Sabre Oil’s sale of a 4.05 per cent share in Tullow Oil to South Africa’s national company, PetroSA.
Bernard Anaba, Policy Analyst of Integrated Development Centre (ISODEC), who disclosed this during a presentation of a research finding on tax incentives in Ghana, said the country might have lost about $45 million annually since 2011 due to the inability of government to apply the new fiscal rates.
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