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PIAC hits GNPC for investing outside core area

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The Public Interest and Accountability Committee (PIAC) has once again lashed out at Ghana National Petroleum Corporation for refusing to adhere to a directive not to invest its proceed in non-core business of the industry.

In its Semi Annual Report on Management of Petroleum Revenue, PIAC bemoaned the decision of GNPC to invest in areas it has advised the corporation the past not to invest.

The report pointed out for example that , the 50 million dollars special advance GNPC gave to the Ministry of Finance in 2014 has not been refunded while GNPC continues to fund the Western Corridor Road contrary to PIAC’s recommendation that the national oil company desist from such practices.

It warned that the decision by GNPC to continue financing the Western Corridor Road becomes even more worrisome considering the fact that the allocation to GNPC during the period under review was not sufficient to cover even the Jubilee financing cost.

Meanwhile speaking to Citi Business News in 2016, the Chief Executive Officer of the GNPC, Mr. Alex Mould defended the investments made by the corporation stating that they were strategic.

At the time, Mr. Mould stated that as an industry enabler and gas aggregator in Ghana, there was the need for the GNPC to invest infrastructure development of the country.

Source:  http://citibusinessnews.com/index.php/2017/01/17/piac-hits-gnpc-for-investing-outside-core-area/

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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