Increase in oil revenue due to upsurge in crude oil prices
GNPC could not realise $126 million of $318 million owed by government, Report
Ghana saw a 17.5% increase in its oil revenue
The Public Interest and Accountability Committee (PIAC) has stated that since the Ghana National Petroleum Corporation (GNPC) finds it difficult to recover loans from government and state institutions, it should
In its 2021 annual report, PIAC stated that the GNPC must ensure that it recovers loans given to state agencies since evidence has shown that government agencies owe GNPC huge sums of money that are yet to be paid.
“PIAC calls on GNPC to double up efforts at recovering loans to government and its agencies to ensure that the Corporation’s work programme does not suffer from non-implementation. For now, GNPC should discontinue granting loans and guarantees until significant recoveries are made with respect to outstanding loans and guarantees owed the Corporation,” the report stated in its recommendations.
PIAC’s report showed that GNPC could not realise $126 million of $318 million owed by government and state agencies since 2011 in loans and guarantees.
“In its work programme for 2021, GNPC indicated that it was aiming to recover a minimum of US$126.68 million, out of an accumulated total of US$318.09 million, owed the Corporation by Government of Ghana and its Agencies. The Corporation indicated that this was necessary if the Corporation is to balance its 2021 Budget.”
“However, no amount was recovered at the end of 2021. In that regard, the Corporation put together a 3-year staggered repayment plan for outstanding receivables, some of which have been outstanding since 2011 and are seriously hampering the effective implementation of the Corporation’s mandate and work programmes,” the report stated.
The report however stated that Ghana’s oil revenue increased by 17.5% in 2021 compared to the revenue in 2020 from US$666.39 million to US$783.33.
PIAC attributed the increase to the upsurge in the price of crude on the international market.
Public Interest Accountability Committee
