A former Deputy Energy Minister under the Kufour administration, K.T Hammond has warned the Ghana National Petroleum Cooperation (GNPC) will be committing a financial atrocity if they are allowed to secure the $700 million loan facility from the Deutche Bank of Germany.<\/p>\n
He said if pushed through, the financially suicidal move will violate all known financial rules governing such transactions in the country.<\/p>\n
Although voices have been raised against the acquisition of the loan, the management of GNPC has mounted a strict defense, arguing that they have breached no rules.<\/p>\n
[contextly_sidebar id=”OhTNvoEppyrxcZYrhxRLB3jVjOfvHy0l”]The Corporation\u2019s Chief Executive, Alex Mould explained that acquiring the loan is necessary<\/strong><\/span><\/a> because it will be used to support its increasing oil and gas infrastructure investment and cash call requirements from its participating and commercial interests.<\/p>\n But speaking to Citi News<\/strong>, K.T Hammond who is also a member of Parliament\u2019s Committee on Energy and Mines disagreed.<\/p>\n He argued that the move by GNPC is a clear violation of rules governing such transactions and must be stopped.<\/p>\n According to him, his direct contact and knowledge of the workings of the Corporation scares him that the GNPC is \u201ccausing financial atrocities.\u201d<\/p>\n He described the GNPC\u2019s decision as immoral because according to him, despite several meetings with the Corporation, never did they reveal to Parliament\u2019s Committee on Energy and Mines that they were securing a loan.<\/p>\n The Adansi Fomena Member of Parliament (MP) disclosed that \u201cfor so many months, we\u2019ve [Parliament\u2019s Committee on Energy and Mines] been meeting on regular basis with GNPC to try to find out from them the extent to their activities, the utilization of monies and not on a single occasion did this matter come up that they are arranging for a loan facility of this magnitude.\u201d<\/p>\n He therefore warned the Corporation to rescind its decision by halting the processes which are ongoing for the acquisition of the loan.<\/p>\n <\/p>\n By: Efua Idan Osam\/citifmonline.com\/Ghana
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