Parliament approves GNPC’s request to secure $500 million loan facility

Business News of Friday, 23 March 2018



Parliament of Ghana

Parliament has approved a request by the Ghana National Petroleum Corporation (GNPC) to secure a loan facility of $500million to facilitate their operational activities can authoritatively report.

Part of the loan facility will also be used to procure vessels to undertake fishing activities and also put up an office in Takoradi in the Western Region.

Additionally, a portion of the loan facility will also be invested in the building of a guest house to provide accommodation for investors in the oil and gas industry in the Western Region.

Energy Minister Mr Boakye Agyarko who was in Parliament on Thursday, March 22, 2018 justified why Parliament should approve the loan facility for GNPC.

“The importance of this request rest largely on the fact that Ghana is now emerging oil producing country and we must pay particular attention to the development and growth of our national company,” he stressed.

He denied claims that the GNPC is deviating from its core mandate by planning to invest in the mining sector.

“They are not going into the mining sector,” he said adding that GNPC is focusing on its core mandate.

However, speaking to, Minority ranking member on Finance Committee in Parliament, Cassiel Ato Forson raised an objection to the reasons for which the loan facility had been applied for.

He argues that the GNPC is deviating from its core mandate and cautioned them against undertaken ventures that will lead to waste of state resources.

“They are telling us that they are going for a loan of $500million. Is this the Ghana Beyond Aid they are trumpeting? They’re telling us that they will use $13.4million to renovate their office in Tema, they are also saying that they will use$20million to put up their operational head office and $10million for operational office in Takoradi. I have was born and bred in Takoradi and wonder why operational office will cost that much. Again GNPC is also saying that they want to spend $2million to construct transit quarters for their workers in Takoradi. Even mouse will not be chopping money like the way GNPC wants to chop our money.

“As if that is not enough they are going to spend $24million to undertake gold prospecting. What is more intriguing is that a whooping$45million will be used to procure vessels for fishing. They are engaging in excessive wastage of our money and I think we should be worried because we’re the ones going to pay,” he warned.

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