GNPC's Assets Without Insurance Cover

Chronicle investigations into activities of the Ghana National Petroleum Corporation (GNPC) have revealed that all the corporation's exploration and production assets both within and outside the country are without insurance cover.

Chronicle intelligence gathered that the insurance cover of all GNPC assets was terminated early this year by the international insurers because of non-payment of premiums for more than five months running into thousands of dollars.

Attempts by the Ghana Re-insurance to get its brokers convince the international insurers of the multi-billion cedi exploratory company to reinstate the protection of the trouble laden corporation have failed as Chronicle learnt that the international insurers would only reconsider their decision if the GNPC paid all outstanding premiums.

The local insurers, another troubled institution which was rocked by seriously scandals, the State Insurance Company (SIC) has raised its hands in despair since it cannot contain the situation, a source hinted the Chronicle.

Official sources are tight-lipped over the issue, even though an official confirmed it on unofficial capacity.