Member of Parliament for Pru East, Dr Kwabena Donkor says the Ghana National Petroleum Corporation (GNPC) could go bankrupt if parliament does not intervene.
According to him his observation is attributed to the decision by the management of the GNPC to engage in activities outside of its mandate.
In supporting a motion to adopt a report of the Committee on Employment, Social Welfare and State Enterprises on the annual financial performance of the GNPC for the years 2019 to 2020, Mr. Donkor revealed that the activities engaged in by GNPC does not produce commercial value for the organization which he believes could lead the strategic asset to become bankrupt.
“we are saying that the committee observed that GNPC engages in activities outside its core mandate, which either do not produce commercial value for the organization or compromise efficiency and utilization of GNPC’s revenue.
“We will urge that for purely financial analysis, without injection of new funds, GNPC is on the brink of bankruptcy. Therefore, Mr Speaker, in supporting the motion, I will want to call the attention of this House for the need to bring GNPC, even if it is a committee of a whole, to bring GNPC before those house for a more critical scrutiny.” He added.
GNPC’s major source of revenue comes from the allocation of its shares of revenue by Parliament under the Petroleum Revenue Management Act 2011 (Act 815).
Gas sales represented 69 per cent and 72 per cent of total sales in 2021 and 2020 respectively.
GNPC has come under scrutiny for the allocation of resources recently, raising questions on how they spend their revenue.
Source: theGhanaianvoice.com