THEME: ECONOMIC INDEPENDENCE AND THE THREE-SECTOR RESOURCE MANDATE 

In the name of God and for the sake of Ghana—present and future—please call off the Three Billion US Dollar (US$3B) loan from China or at least subject it to a rigorous review. We write at the request of the Most High God to plead with the Government of Ghana to GO SLOW and stop fast drain on and ‘hedging’ of national assets— specifically the oil asset to wit. Specifically, we caution against the three billion US dollar (US$3billion) Loan from China, which for all intents and purposes is hedged against the nation’s present and future oil supply and oil revenue. The Lord God of Hosts has asked His servant to caution the Government against the loan.  

According to the Lord, the loan arrangement as presently stands is not in the best and long-term interest of the country. Instead, there should first be a Special National Plan for the management of the oil and gas assets, including its revenue allocation and disbursement against a background of a vision of long-term development, progress, and stability of the country. The loan if any should fall within the confines of the national plan for the oil and gas assets. 

According to the Lord Most High God, the National Plan for Oil and Gas of the country should provide for a Three-Sector Approach in revenue allocation and disbursement as follows:  

I. THE CONSOLIDATED FUND – For government budgetary and development needs 

II. THE NATIONAL DEVELOPMENT FUND – To be managed by a National Commission on Oil, Gas, and Mineral Wealth of the country. This commission must be free from the control of government and empowered to draw up national development plans in consultation with government, political parties, chiefs, private, and public agencies and the general public. The commission should be free from the vagaries of political party manifesto gestations, government changes, instability, and corruption prompted by the usual political party patronage and party-oriented development plans. 

III. THE NATIONAL RESERVE FUND – into which at least Twenty-Five Percent (25%) of oil and gas (and mineral wealth) revenue should be paid. 

The National Reserve Fund will serve as a buffet fund for future development needs and exigencies within the oil and gas industry, mining and other natural resource-oriented industries and the process of economic development and social change in the nation with years and generations coming in mind. 

From the foregoing, it will be apparent that tying up the entire—or major portion—of revenue from oil and gas to one regime and one generation is very unsafe and indeed unwise, not to talk of embedded corruption, inefficiencies, and challenges particularly with such clear non open discussion, inappropriate consultation, inadequate planning and agreement on purposes, structure and direction of the loan. We make known the Divine will concerning the oil and gas industry in humility, obedience, and faithfulness to the Most High God, whose servant and spokesman we are.  We also do so out of loyalty to, and deep concern for, the development, peace, progress, stability, and prospects of the country.   

Perhaps it is necessary to mention that we have been privileged to make known the Divine Mind on the nation’s oil assets since the 1970s. We take note also in this regard of the reported approval of the loan arrangements by the International Monetary Fund (IMF), the World Bank, and also the highly respected Centre for Policy Analysis (CEPA) of the country. These three organizations are managed by human beings just as the governments of both Ghana and China, which initiated the loan arrangements. They are all not free from political and economic interests, whatever they be on one part and human error on another. 

We end with this brief observation, nonetheless. The approval of the IMF and CEPA have not had the benefit of the Divine concerns regarding politics, governance, economic, and future development and social issues which the ‘one-bag, one-shot’ investment outlay will generate. They cannot see, much more address, the future challenges.  

In any case, the implied Chinese hand and virtual control of the oil-gas assets is in every sense an aspect of the negative factors in global politics and investment practice over the years. The concentration of wealth and related overly control of nations and perpetuation of evil, exploitation, and oppression in the Old Order in global politics and economics must be resisted, indeed changed in this era.   

As matters stand now, Chinese wealth is proving a critical and necessary part of Euro-America control of global political power and wealth of the nations. The US, Europe, and the IMF together need China. Oil from Ghana—however scanty—remains an important source of energy. We cannot hedge our assets to a foreign mortgage and jeopardize Africa’s development before it even takes off.  Thus, it can be safe to say that the World Bank is merely seeking her interest by the approval of transfer of assets and wealth from Ghana-Africa and rest of the world to the US-Europe global wealth control system of the capitalist world order. In any case, what prevents China from being a mighty player in the global political and economic game? Why should Ghana be a pawn in this game!!  

We trust that the Centre for Policy Analysis (CEPA) will do an analysis to advise Ghana and Africa on where the oil and gas reserves—and funds connected therewith will go. We need a comprehensive social and economic development plan, with well-thought-out input-output arrangements that will help usher in development, progress, stability, security, and prosperity. We need a deeper examination of the investment and end-use profile for our oil, gas, and for other minerals, land and forest assets of the country.  

Finally, we trust President Prof. Atta-Mills’ Government, its appointees, investors, and contractors and all will be ready to answer to the Most High God—the God of Ghana—and to the people of Ghana, today and tomorrow, for the oil and gas asset utilization, revenue and consequential involved. 

We humbly plead that Government must be patient and take the necessary pain to seek, obtain, and involve all stakeholders and the entire nation for a comprehensive National Plan for oil, gas, and indeed the mineral wealth and assets of the country. To do otherwise particularly for short mid-term political party gain—is a betrayal of trust and of a betrayal of Ghana.    

God save Ghana!  

January 12, 2012