Members of Parliament have expressed concern about the financial state of the Ghana National Petroleum Corporation (GNPC).
A report by the committee on employment, social welfare and state enterprises covering the annual finances of the GNPC cite the engagement in activities unrelated to its core mandate.
Speaking about the report on the floor of the Parliament, the ranking member of the committee and former Minister for Power, Dr Kwabena Donkor, noted that GNPC is on the verge of bankruptcy given the over-exposure of its books.
Dr Donkor said, this while supporting a motion to adopt the report of the committee on employment, social welfare and state enterprises on the annual financial performances of the GNPC for the years 2019 and 2020.
“The Committee observes that GNPC engages in activities outside its core mandate which do not either produce commercial value for the oorganizationor compromise the efficiency and utilization of GNPC’s revenue,” He said.
He implored Parliament to step in before it was too late. He attributed this to the decision by the management of GNPC to engage in activities outside its mandate.
For his part the Chairman of the Mines and Energy Committee, Samuel Atta Kyea accused the successive government of turning GNPC into a cash cow.
He said, his committee summoned management of GNPC and the Finance Ministry over decision to transfer One Hundred Million Dollars of oil revenue into an off-shore account without following due process.
“GNPC has been the cash cow of our economy. If we should have proper alignment, one challenge of GNPC which we shouldn’t ignore is the hard fact that monies due GNPC can be taken from them by the Ministry of Finance for other purposes,” Atta Akyea stated.
