Minority issues warning to the govt over plans to use TEN oil field as collateral for $431m loan

The Minority in Parliament is urgently demanding a halt to the government’s plans to use revenue from the TEN oil field as collateral for a $431 million loan from LITASCO.

They argue that this arrangement is illegal and express concerns that the TEN oil field would be required to produce a minimum of 3.8 million barrels of crude oil each year for LITASCO as part of the loan agreement.

John Jinapor, the Ranking Member on the Mines and Energy Committee, revealed that despite Parliament’s rejection of the Ghana National Petroleum Corporation’s (GNPC) request to secure the loan until the terms and conditions of the agreement were provided, the presidency has directed GNPC to seek board approval for the loan without parliamentary consent.

Jinapor emphasized that this action is unconstitutional, unlawful, and a blatant disregard for Parliament’s directive and resolution.

The Minority also praised the GNPC board members who have opposed the loan agreement, considering their bold move commendable.

He warned that proceeding with the loan agreement without parliamentary approval would constitute a violation of the constitution.