{"id":338729,"date":"2017-01-19T04:10:00","date_gmt":"2017-01-19T04:10:00","guid":{"rendered":"http:\/\/ghana-mma.com\/2017\/01\/19\/vra-owes-ghana-gas-306m\/"},"modified":"2017-01-19T04:10:00","modified_gmt":"2017-01-19T04:10:00","slug":"vra-owes-ghana-gas-306m-2","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/01\/19\/vra-owes-ghana-gas-306m-2\/","title":{"rendered":"VRA Owes Ghana Gas $306m"},"content":{"rendered":"
\n

Kirk Coffie \u00a0\u2013 CEO of VRA<\/strong><\/p>\n

Government institutions owed Ghana National Gas Company (GNGC) to the tune of $340.49 million as at June 30, 2016, with the Volta River Authority (VRA) owing $306.10 million, representing 89.9 percent of the outstanding balance.<\/p>\n

A report by the Public Interest and Accountability Committee (PIAC) on the Management of Petroleum Revenue for the first half of 2016 said total interest payable by VRA on its outstanding debts amounted to $2.86 million in the first half of 2016.<\/p>\n

The Committee therefore called on government to, as a matter of urgency, force VRA to pay the debt owed Ghana Gas Company before it hits unimaginable limits.<\/p>\n

Petroleum Receipts<\/strong><\/p>\n

On petroleum receipts, the Committee\u2019s report said approximately 69 percent ($87.15 million) of the total petroleum receipts of $126.46 million was distributed during the period under review, adding that the undistributed balance of $48.47 million remains in the PHF, awaiting distribution in the second half of the year.<\/p>\n

It said approximately 52 percent ($45.07million) of the disbursements was allocated to the Annual<\/p>\n

Budget Funding Amount (ABFA), while 26 percent ($22.77 million) to the Ghana National Petroleum Corporation (GNPC).<\/p>\n

The report stated that 16 percent ($13.52 million) was lodged in the Ghana Stabilization Fund (GSF), with the remaining $5.79 million (6%) going into the Ghana Heritage Fund (GHF).<\/p>\n

The Committee revealed that total allocation to GNPC was $22.77 million while $64.04 million was spent, representing a net deficit of $41.27 million (181.9 percent).<\/p>\n

\u201cFor the first time since the allocation of petroleum revenues commenced, the disbursement to GNPC of $22.77 million could only cover 77% of the Jubilee financing cost of US$29.51 million.<\/p>\n

\u201cAn amount of $3.12 million was expended on the Western Corridor Roads while $0.32 million was spent as GNPC\u2019s contribution to the decommissioning of the Saltpond Field,\u201d it said.<\/p>\n

The report said an amount of GH\u00a2172.9 million (US$45.07 million) was allocated to the ABFA during the period under review which translates to a 64 percent shortfall in the projected ABFA of $126.13 million.<\/p>\n

\u201c71.29 percent (GH\u00a2123.25 million) of the allocation to the ABFA went to the Roads and Other Infrastructure priority area, GH\u00a210.97 million (6.34%) went to Agricultural Modernisation, GH\u00a238.08 million (22.02%) went into capacity building, with 0.6 million (0.35%) going to PIAC,\u201d it said.<\/p>\n

cephrok@yahoop.com<\/strong><\/p>\n

By Cephas Larbi<\/strong><\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Kirk Coffie \u00a0\u2013 CEO of VRA Government institutions owed Ghana National Gas Company (GNGC) to the tune of $340.49 million as at June 30, 2016, with the Volta River Authority (VRA) owing $306.10 million, representing 89.9 percent of the outstanding balance. A report by the Public Interest and Accountability Committee (PIAC) on the Management of […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-338729","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\nVRA Owes Ghana Gas $306m - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/01\/19\/vra-owes-ghana-gas-306m-2\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"VRA Owes Ghana Gas $306m - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Kirk Coffie \u00a0\u2013 CEO of VRA Government institutions owed Ghana National Gas Company (GNGC) to the tune of $340.49 million as at June 30, 2016, with the Volta River Authority (VRA) owing $306.10 million, representing 89.9 percent of the outstanding balance. 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