The government has executed the legal instrument assigning its entire sharehold in the Ghana National Gas Company (GNGC) to the Ghana National Petroleum Corporation (GNPC).
Thus, the GNPC is now the sole shareholder of the GNGC and, therefore, assumes full control over its operations.
A statement issued in Accra and signed by the Head of Communications at the Ministry of Energy, Mr Edward Bawa, said, “In its 2015 Budget and Financial Policy Statement, Government of Ghana (GoG) announced its policy commitment to consolidate the petroleum sector to reduce costs and transaction time and to improve value, efficiency and sustainability of outcomes for the Ghanaian public.
Specifically, GoG announced the impending takeover of GNGC by GNPC”.
“Pursuant to this policy, GoG on December 3, 2014 appointed PricewaterhouseCoopers (PwC) Ghana Limited as Transaction Advisor with respect to the GNGC take-over and has since commenced its work in earnest.
“PwC will also assist with the successful integration of GNGC into GNPC post acquisition,” the statement added.
Source: Daily Graphic