MoF yet to pay a debt of $50m owed GNPC-PIAC

A Semi-Annual Report on the management and use of petroleum revenues released by the Public Interest and Accountability Committee(PIAC) has disclosed that Ghana National Petroleum Corporation (GNPC) has still not received payment of $50 million advanced to the Ministry of Finance (MoF) in 2014.

According to the report, the money was for the construction of the Western Corridor roads in the Atuabo Gas Processing Plant enclave.

The report for the first half of 2021 further noted that the $50 million was expected to have been repaid in three months but the HNPC was yet to pay.

The report stated that Parliament directed that the Ministry of Finance and GNPC meet and resolve the outstanding issue.

But the matter was still unresolved, the report added.

According to the report, the GNPC explained that the Energy Ministry asked the Minister for Finance to intervene and assist in the settlement of monies owed GNPC.

This was contained in a letter to the MoF in February 2021.

“However, according to the MoF, it is yet to receive the said letter either from GNPC or the Ministry of Energy(MoEn) to inform the appropriate accounting treatment to be effected in the books of GNPC and MoF”, the report said.

Aside from this issue, the report revealed that the Ghana National Gas Company’s (GNGC) indebtedness to the national oil company, Ghana National Petroleum Commission (GNPC), had increased to $110 million within the first half of 2021.

At the end of June 30, 2021, GNGC’s cumulative indebtedness to GNPC amounted to US$613,910,025.21 as compared to US$393,042,132.35 during the same period in 2020, the report said.

The report indicated that the increasing debt was attributed to VRA’s inability to meet its debt service obligation.

Meanwhile, the total volume of raw gas sales to GNGC by GNPC in the first half of 2021, was 19,868,900.00 MMBtu compared with the 10,920,275.49 MMBtu for the same period in 2020, representing an increase of 81.95 percent.

You might also like

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

%d bloggers like this: