3 MPs secure injunction on GNPC’s $700m loan

Three members of Parliament have secured an injunction at the Commercial Division of Accra High Court on the $700 million loan contracted by the Ghana National Petroleum Corporation (GNPC).

The injunction also restrains GNPC from securing any other loan “whether in Ghana or not” until the case is ruled on.

The Corporation is accused of securing the loan, from commodities trader and logistics company Trafigura, without the prior approval of Parliament.

The MPs are Dr Anthony Akoto Osei (Old Tafo), Dr Matthew Opoku Prempeh (Manhyia South) and Samuel Atta Akyea (Abuakwa South).

In a writ filed on Tuesday, the plaintiffs prayed the court to restrain GNPC from “contracting, securing, procuring or drawing down on a loan facility of USD 700 million or any other loan from any financial institution whether situated in Ghana or not pending the final determination of this suit.”