{"id":738583,"date":"2019-11-05T18:29:52","date_gmt":"2019-11-05T18:29:52","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/11\/05\/wanton-dissipation-of-monies-at-gnpc-must-be-investigated-copec\/"},"modified":"2019-11-05T18:29:52","modified_gmt":"2019-11-05T18:29:52","slug":"wanton-dissipation-of-monies-at-gnpc-must-be-investigated-copec","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/11\/05\/wanton-dissipation-of-monies-at-gnpc-must-be-investigated-copec\/","title":{"rendered":"Wanton dissipation of monies at GNPC must be investigated – COPEC"},"content":{"rendered":"

<\/p>\n

\n
\n
\"The
Duncan Amoah, Chief Executive Officer of COPEC<\/figcaption><\/figure>\n<\/div>\n

The Chamber of Petroleum Consumers (COPEC), Ghana has\u00a0called on the government to immediately halt\u00a0and investigate the processes leading to what it describes as wanton dissipation of monies at\u00a0the Ghana National Petroleum Corporation (GNPC).<\/p>\n

Also, the Chamber wants the government \u201cto further take immediate action and sanctions against the Management and the Board of Directors of GNPC.\u201d<\/p>\n

In a press release Tuesday signed by its Executive Secretary,\u00a0Duncan Amoah, COPEC called for further steps taken \u201cto consolidate all resources being held in trust by the corporation to forestall any further wanton dissipation of same as has been the case over the years with GNPC.\u201d<\/p>\n

Below is the letter:<\/p>\n

Government must halt and investigate the Board and Management of GNPC on the utilization of generated oil revenue\u00a0<\/strong><\/p>\n

The poor Ghanaian taxpayer is once again confronted with another clear case of wanton dissipation of the scarce the nations resources by highly placed persons within the Ghana National Petroleum Corporation (GNPC) which sharply contrasts Government\u2019s earlier reason for increasing fuel taxes as it insisted we needed revenue yet some in same breath squandering the little available without any solid justification.<\/p>\n

Chamber of Petroleum Consumers Ghana (COPEC-GH) has taken notice of
\nan internal Memorandum dated 29th October 2019 from the Board Secretary
\nunder the Signature of one Matilda Ohene to the Chief Executive of the
\nGhana National Petroleum (GNPC) on the subject titled \u201cBoard Approval
\nfor payment of various sponsorship \/Support Requests\u201d.<\/p>\n

The said memo indicates the granting of \u00a0approvals to some supposed
\nrequests received with some stated amounts as indicated below:<\/p>\n

2019 Damba Festival Preparation- Dagbon State- GHS400,000.00<\/p>\n

20th Anniversary of Okyenhene \u2013 GHS500,000.00 over three years totalling (GHS1,500,000.00) for the environment and greening.\u00a0<\/p>\n

II: GHS300,000.00 for organisation of 20th Anniversary celebrations of Okyenhene<\/p>\n

Ghana Journalists Association \u2013 GHS50,000.00<\/p>\n

Ghana Boxing Association \u2013 US$30,000.00<\/p>\n

Rebecca Foundation\u00a0\u00a0\u00a0\u00a0\u2013 GHS120,000.00<\/p>\n

EOCO \u2013 GHS550,000.00<\/p>\n

Our initial reaction was that of disbelief but the said memo has been
\n confirmed by the manager for the sustainability of the GNPC with a
\njustification that these are quite normal application of the scarce
\nresources been held in trust for Ghanaians by the corporation.<\/p>\n

To this, we call on the Government to immediately halt, and
\ninvestigate the processes leading to wanton dissipation of these monies
\nas contained in the memo,\u00a0and to further take immediate action and
\nsanctions against the Management and the Board of Directors of GNPC and
\nto further take steps to consolidate all resources being held in trust
\nby the corporation to forestall any further wanton dissipation of same
\nas has been the case over the years with GNPC.<\/p>\n

This abuse of resources being held in trust by these corporations at a
\n time the Central Government seems to be in dire need of revenues for
\nits developmental projects cannot be overemphasized and will need to be
\nhalted immediately to restore the needed confidence by the poor taxpayer
\n who is squeezed every now and then to generate these revenues \u00a0the
\ngovernment needs.<\/p>\n

The priorities of GNPC should be going forward clearly defined by
\nlegislation as the Corporation seems to be gaining notoriety for such
\nacts which usually contravenes the posture of the State and Central
\nGovernment within the economic context prevailing in Ghana.<\/p>\n

For the avoidance of doubt we also seek clarity on the following:
\nDoes the Act and laws governing the operations of GNPC permit GNPC to on
\n its own now finance and compromise other state investigate bodies such
\nas EOCO who are expected to hold persons at the top of such corporations
\n to account in the event of abuse of resources?<\/p>\n

These state investigative Agencies such as EOCO \u00a0who currently are
\nexpected to be investigating the board chairman of the very same GNPC
\nand all other potential corrupt practices in such public corporations
\nalso enjoys government budgetary allocation and funding and as such
\ncould attract private support but another huge state funding by GNPC
\nleaves a lot to be desired and confusion in the minds of right-thinking
\nsociety especially at the time EOCO is expected to investigate some
\nhighly placed officials of the said corporation.\u00a0<\/p>\n

Further, does such funding\u00a0provision for Chieftaincy affairs in the
\ncountry not constitute a pick and choose agenda which can lead to
\nneedless tensions and suspicions knowing very well how delicate the
\ninstitution of chieftaincy is to ethnic and social matters as already,
\nthe chiefs and people of the Western Region of Ghana, where a larger
\nchunk of our oil resources are extracted from are on record to have
\ndemanded a percentage share of the oil find but have till date not been
\ngiven any, neither their roads fixed nor infrastructure improved by the
\noil money yet GNPC in an apparent show of some perceived biases is
\nsponsoring other traditional areas in Northen and Eastern Regions of the
\n Country by way of festivals and to also go green?<\/p>\n

Will GNPC be in a position to grant all the traditional authorities
\nsame or similar funding upon request? if no, what justification will
\nthey provide for declining in the event all other traditional
\nauthorities now decide to seek their share of the oil cake?<\/p>\n

Dispensing such amounts to individuals and private organizations will
\n surely have a certain effect on the economy and central government
\nfunding as these monies could have been easily channelled to other very
\nimportant needs such social amenities provision in deprived communities
\nto ease the pressures on the central government.\u00a0<\/p>\n

The absence of funding to undertake these development projects often
\nforce the central government to now resort to imposing heavier taxes
\nwhich has often lead to increases in fuel prices at the pumps in the
\npetroleum industry.<\/p>\n

We believe that the public funds in the care of GNPC should be
\nprudently invested and managed in building a robust upstream petroleum
\nsector such that GNPC can in the very near future hold and maintain some
\n of our oil wells without any foreign oil company taking a larger chunk
\nof the shares of our own resources. And to complement in defraying
\nincessant debts in the energy sector and ultimately relieve ordinary
\nGhanaians off these huge tax burdens as prevailing today.<\/p>\n

We lastly note with deep concerns, that, this rather headless
\nfinancial decision by the Board of GNPC to among other things, pay funds
\n to EOCO which already enjoys government budgetary allocation could
\npotentially compromise the investigative responsibilities of the state
\ninstitution and further open the floodgates for all other traditional
\nauthorities within the country to also seek their share of the oil money
\n and must be halted immediately forthwith.<\/p>\n

Signed.\u00a0<\/p>\n

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

Duncan Amoah, Chief Executive Officer of COPEC The Chamber of Petroleum Consumers (COPEC), Ghana has\u00a0called on the government to immediately halt\u00a0and investigate the processes leading to what it describes as wanton dissipation of monies at\u00a0the Ghana National Petroleum Corporation (GNPC). Also, the Chamber wants the government \u201cto further take immediate action and sanctions against the […]<\/p>\n","protected":false},"author":1,"featured_media":728233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-738583","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nWanton dissipation of monies at GNPC must be investigated - COPEC - 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\/2019\/11\/05\/wanton-dissipation-of-monies-at-gnpc-must-be-investigated-copec\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Wanton dissipation of monies at GNPC must be investigated - COPEC - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Duncan Amoah, Chief Executive Officer of COPEC The Chamber of Petroleum Consumers (COPEC), Ghana has\u00a0called on the government to immediately halt\u00a0and investigate the processes leading to what it describes as wanton dissipation of monies at\u00a0the Ghana National Petroleum Corporation (GNPC). 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