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Ghana Gas downplays assertions of GH 20 million misappropriations

  • SOURCE: | Editor
  • The Ghana National Gas Company has refuted claims that an amount of GH 20million has been unaccounted for in its line of operations.

    The company in a statement copied to Citi business news said, even though the Finance Ministry disbursed the GH20million on October 25, 2011, the purpose was for specific projects, among which are, Compensation to project-affected persons on the Right of Way (ROW) and the Gas Processing Plant (GPP) site, Onshore and offshore Environmental and Social Impact Assessments, Construction support logistics as well as the Front End Engineering Designs (FEED) for the GPP.

    It will be recalled that on the 21st January, this year, the public agenda published that the Ghana National Gas Company Limited (Ghana Gas) has been involved in some financial misappropriation, with an amount of GH20, million released by the finance ministry as part of its capitalization.

    But in a rebuttal, the Ghana Gas Company said, it has not received any request from the PIAC to specifically account for the GHC20 million released to it by the Ministry of Finance and Economic Planning.

    On the 18th of December 2012, Ghana Gas received a draft report of PIAC which demanded the company’s comments on the relevant portions of the draft report before finalizing it for publication, Ghana gas says, ”There was no specific request from the PIAC to account for the GHC20 million capitalizations as the money was not mentioned.” Ghana Gas indicated in a statement.

    The Board of Directors of Ghana Gas approved for the first Statutory Accounts of the Company to be issued for the period 23rd July 2011 to 31st December 2012.

    These Statutory Audited Accounts are expected to be filed with the Registrar General’s Department, the State Enterprises Commission, the Ministry of Finance and Economic Planning and the Ministry of Energy.

    This implies that the capitalization amount of GHC20 million will be statutorily accounted for in the Company’s annual accounts to 31st December 2012.

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