The Public Interest and Accountability Committee (PIAC) has disclosed that the Government and State Institutions owe the Ghana National Petroleum Corporation (GNPC) over $300 million US dollars since 2011.

According to PIAC, the nonpayment of this whopping sum of money by the government to GNPC is hampering the balance of the Corporation’s 2021 budget.

“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,” PIAC disclosed in its 2021 Annual Report on the Management of Ghana’s Petroleum Revenue.

The PIAC continued that “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.”

PIAC’s report, therefore, advised GNPC to work assiduously to get the money and discontinue granting loans to the government and its agencies.

“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,” the report advised.

Credit: Starrfm

(By Isaac Dzidzoamenu)