A pressure group, Civil Society Platform on Oil and Gas, has blamed the hasty takeover of Ghana Gas Company (GNGC) by the Ghana National Petroleum Corporation (GNPC) on the $700 million loan the corporation intends to secure.
[contextly_sidebar id=”EP890SD5WhQoJ64zpkIyQbAd0TBUtqOK”]Although they concede that the rationale for the takeover is justifiable, the Chairman of Civil Society Platform on Oil and Gas, Dr. Steve Manteaw on Eyewitness News on Friday said: “The manner in which government is going about the issue is worrying.”
The Energy Ministry on Thursday announced the complete takeover of Ghana Gas by the GNPC, but Board Chairman of Ghana Gas company, Dr Kwesi Botchwey, issued a counter statement hours after the Ministry’s announcement, challenging the take-over claims.
“The Board & Management of Ghana Gas have not held a single meeting with the Transaction Advisor (who a statement from the Minister for Finance said has been appointed), neither has the Transaction Advisor requested the Company to provide it with any information,” a statement by Dr Botchwey said.
According to Dr. Manteaw, “the indecent haste in trying to make this happen raises a lot concerns. I think it betrays the real intent behind the attempt by GNPC to secure a $700 million commercial loan for its programmes and activities.”
“I think the rush is to satisfy conditions for the loan by ensuring that the GNPC approaches the loan application with an impressive asset profile,” he opined.
He further blamed the turf war between the two companies on “some $1 billion which was lodged with Bank of Ghana.”
Dr Manteaw disclosed that “the Bank of Ghana actually captured that money to defray monies owed to it by government and this could be an attempt to bring in that money to plug the holes in government’s accounting system.”
Meanwhile, the takeover, according to government is expected to make GNPC a stronger company with enough muscles to compete on the global stage.
According to Finance Minister Seth Tekper, ‘the consolidation of GNPC and GNGC will make it possible to enhance a more integrated management and continue financing of projects in the oil and gas enclave immediately’.
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By: Godwin Allotey Akweiteh/citifmonline.com/Ghana
Follow @AlloteyGodwin