Opinions Tue, 14 Oct 2014

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GNPC to blow $1 billion loan?

Over the years, the Alliance for Accountable Governance (AFAG) has uncovered a number of corrupt practices under the watch of the current NDC government, especially under President John Mahama term in office. Our crusade as a civil society group to battle and expose corruption and corrupt government officials, state institutions and government appointees would not be shaken by threats from certain individuals or group of people in this country. AFAG shall continue to contribute our bit to national development and strengthen Ghana’s democracy by ensuring that every government is accountable to the Ghanaian taxpayers.

The plethora of corruption cases and abuse of office by officials and appointees of President Mahama and his NDC government appears to be escalating without an end in sight despite the public’s condemnation of these rot and merciless misuse of our very limited state resources. AFAG is distressed and totally devastated that in the midst of all the monies that have accrued to GNPC, the management is seeking to contract a One Billion Dollar (USD $1 billion) loan for some amorphous, vague and non-specific projects. This has probably become the new strategy the corrupt Mahama led government is using to dodge the public and international criticism against its excessive borrowing.

The Petroleum Revenue Management Act clearly states that after deducting Government Royalties and Equity Financing the remainder of the revenue goes to GNPC. Again all the Petroleum Agreements signed by Ghana Government/GNPC have clauses that enjoin the Partners to pre-finance GNPC on the specific project.

AFAG demands immediate answers to the under listed questions

1. What is the purpose for this USD $1 billion loan?

2. Has it gone to parliament?

3. Is the Parliamentary Sub-committee on Energy aware of this loan?

4. Who is the lender?

5. Will the payment of this loan be tied to the crude oil receivables?

As a matter of urgency AFAG calls on the Parliamentary Committee on Energy and other appropriate institutions to immediately investigate this yet another way of dissipating public funds to the detriment of developmental projects for the people of Ghana.

Signed: AFAG Leadership

Columnist: AFAG

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