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GNPC needs well-defined requirement - Baah-Nuakoh

The overall Manager, Sustainability and Stakeholder Relations at the Ghana Nationwide Petroleum Corporation (GNPC), Dr Kwame Baah-Nuako, has called for a strong national decision on which the real mandate of the national oil company, Ghana National Oil Corporation (GNPC) should be. He said GNPC had not been a private limited company but 100 % state-owned, with the state’s interest identified at any point by the federal government of the day. He or she stated that nearly all of the issues or functions of GNPC were couched in regulation, including the undeniable fact that government agencies including the Bank of Ghana (BoG) and the Ministry of Finance because the establishments that decide the release of the income that moves to the corporation.

“Its policy way and the projects that it can undertake are identified by politicians because GNPC’s total annual work programme needs to go to Parliament and it is basically the property that approves whether GNPC can spend certain funds delete word. Thus, if we commit these things into law, I was wondering the way we are insulating GNPC from political interference when the Minister of Energy is one who determines the policy direction, ” he said throughout a panel discussion at the 10th house warming public lecture of the Public Curiosity and Accountability Panel (PIAC) in Accra. It had been on the theme, “10 years of the management and use of petroleum revenues in Ghana: Just how forwards. ”

Dr Baah-Nuako said if the company and its aktionär, the state, at any point over time can issue coverage directions outside an total annual general gathering, “I am thinking how, as educational, we could have a checkered GNPC from interference because everything has already been approved by regulation. ” About March 3, 2022, the PIAC launched a report on “Assessment of the Management and Employ of Ghana’s Oil Revenues, (2011-2020)” in Accra. It, and a lot more, measured the impact of oil profits accruing to the country within the period under review and on the socio-economy and the real sectors of the economy.

The particular report touched on the political economical factors that drive GNPC’s operations. Certainly, it said that GNPC also functions as a statist bureaucracy by adding to to the release of oil and gas assets, while delivering revenues and patronage for the state of hawaii and the elites. Reacting to that area of the survey, Dr Baah-Nuako informed that such words improve the commercial threat of the GNPC immediately it runs onto the industry. “The people who do the plus examination quote these documents as the source formation. If you put GNPC in such categorisation, only am an international investor, if My spouse and i am a investor, why can i be dealing with the GNPC?

“There are so many models that one could use but the report chose to box GNPC in a way, stating so it gives earnings and appui to state and elites. I think it is nether helpful nor useful, ” he said. “I think we don’t necessarily have to use our countrywide oil company on anybody’s model because such reports are widely-used by international funding institutions for referrals. This can be a very useful exercise and GNPC supports it but we should be careful when we say we live telling after a decade, ” he said. Some sort of power Economist and Political Risk Expert, Dr Theophilus Acheampong, needed clear understanding of the place that the GNPC is coming from and where it is going.

“If we wish to increase the corporate governance planning forward, then you will find the need to street address or insulate many of these visit powers, ” he or she said. The report states the Annual Price range Funding Amount (ABFA) was allocated the best amount of $2. 6 billion (40 per cent) out there of the $6. 55 billion as a whole petroleum receipts attained between 2011 and 2020. This is then the Bekwai, ghana National Petroleum Assistance (GNPC), which has so far received $2. 0 billion dollars (30 per cent); the Ghana Stabilisation Fund (GSF), $1. 39 billion (21 per cent); while the Ghana History Fund (GHF) has brought $586 mil (9%) of the total amount. And a lot more, the report assessed the impact of petroleum revenues on socio-economy and the real sectors of the economy.

This said the ABFA had been a critical financing source for the nationwide budget. “Nevertheless, while total benchmark income allocations to ABFA amounted to GH¢9. 41 billion ($2. 61 billion), aides amounted to GH¢8. 51 billion ($2. 28 billion), with the balance hidden into the Combined Fund under the government’s Treasury Solitary Account (TSA) plan, ” it said.


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