GNPC blames govt indebtedness for its financial problems

The Ghana National Petroleum Corporation (GNPC), has said the state-owned company is fraught with several challenges which hinder their work progress.

Speaking at the Public Accounts Committee (PAC) sitting on Tuesday, September 1, 2020, Deputy Chief Director of the Ghana National Petroleum Corporation (GNPC), Joseph Dadzie mentioned that government owes them US$2million since 2014 and government’s inability to pay its debts is

Read full article.making the Corporation’s revenue dwindle.

He also stated that with the outbreak of the deadly coronavirus, GNPC was badly hit just as other sectors, therefore, are calling on government to clear their debt to make the Corporation financially stable.

According to Mr Joseph Dadzie, “We are run by the state, so if it doesn’t work today, there is nothing we can do. We have had some challenges especially with cash flow especially during this period of the novel Coronavirus. It has hit us very hard. This amount has been outstanding since 2014. I think it will be very helpful if we can get assistance for the payment of this”.

How can GNPC tell us they are cash-trapped? - Sam George

Meanwhile, member of PAC, Sam George has ridiculed GNPC’s claim that they are financially unstable.

He wondered how a cash-trapped Corporation celebrates Okyenehene on his birthday with GH¢1.8 million as well as provide GH¢20,000 to the Rebecca Foundation though that doesn’t lie within their core mandate.

“How then is the GNPC telling us that they are cash strapped? They are struggling yet they can find GH¢1.8 million for the Okyehene to celebrate his anniversary. How can they tell us that they cash-strapped, yet they are able to provide GH¢550,000 to EOCO and a GH¢120,000 to the Rebecca Akufo-Addo Foundation. These are questions we have a legitimate need to ask. Unfortunately, the GNPC has not been able to provide any answers,” Sam George said at the meeting.