The Public Interest and Accountability Committee (PIAC), has asked the Ghana National Petroleum Corporation (GNPC) to double up efforts at recovering loans given to government and its agencies.
According to PIAC, the GNPC has an outstanding loan and guarantees amounting to US$126.68million out of an accumulated total of US$318.09 million owed it by government and its agencies since 2011.
In its 2023 Annual Report on Petroleum Revenue Management, PIAC indicated that, “a total of US$1.23billion is owed the Corporation as at the end of December 2023 due to additional payments and guarantees made by the Corporation.”
In view of this, GNPC has been cautioned to discontinue granting loans and guarantees until significant recoveries are made with respect to outstanding loans.
“GNPC needs to intensify its efforts to recover these loans and desist from issuing guarantees to SOEs. The Committee reiterates that the government should desist from taking loans from the Corporation,” part of the report read.
Meanwhile, crude oil production in Ghana declined for the fourth consecutive year in 2023.
SOURCE: MYJOYONLINE.COM