{"id":73736,"date":"2014-12-13T15:45:29","date_gmt":"2014-12-13T15:45:29","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=73736"},"modified":"2014-12-13T15:49:01","modified_gmt":"2014-12-13T15:49:01","slug":"ghana-gas-takeover-energy-ministry-trying-cut-corners-manteaw","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=73736","title":{"rendered":"Ghana Gas takeover is &#8216;short-term expediency&#8217; &#8211; Manteaw"},"content":{"rendered":"<p>The Chairman of the Civil Society Platform on Oil and Gas, Dr. Steve Manteaw has alleged that government&#8217;s hasty handover of Ghana Gas Company to the Ghana National Petroleum Corporation (GNPC) is a short-term expediency.<\/p>\n<p>He said\u00a0the takeover is to enable GNPC expand its assets following its acquisition of the\u00a0US$700 million commercial loan.<\/p>\n<p>[contextly_sidebar id=&#8221;E8Cojiy54POVFBApE0lLep8QnAl54ixW&#8221;]The GNPC&#8217;s controversial acquisition of the\u00a0US$700 million loan from the\u00a0Deutshe Bank of Germany has resulted in <a href=\"http:\/\/4cd.e16.myftpupload.com\/2014\/11\/22\/3-mps-to-sue-gnpc-over-700-million-loan\/\" target=\"_blank\"><span style=\"color: #666699;\"><strong>a law suit filed<\/strong> <\/span><\/a>by three Minority Members of Parliament (MPs).<\/p>\n<p>The Corporation was accused of breaching the constitution by seeking the loan without Parliamentary approval.<\/p>\n<p>There were also allegations that the <a href=\"http:\/\/4cd.e16.myftpupload.com\/2014\/11\/11\/700m-loan-not-for-govt-gnpc-insists\/\" target=\"_blank\"><span style=\"color: #666699;\"><strong>GNPC was taking the loan on behalf of the Mahama government<\/strong><\/span><\/a>; an allegation which was denied by GNPC boss, Alex Mould.<\/p>\n<p>Mr. Mould explained that the loan will be\u00a0used to support the Corporation&#8217;s\u00a0increasing oil and gas infrastructural investment.<\/p>\n<p>Since the Energy Minister announced that the Ghana Gas takeover was complete, there have been<a href=\"http:\/\/4cd.e16.myftpupload.com\/2014\/12\/13\/700-gnpc-loan-behind-hasty-ghana-gas-takeover-cso\/\" target=\"_blank\"><span style=\"color: #666699;\"><strong> speculations<\/strong><\/span><\/a> that the hasty move is to enable the GNPC possibly satisfy some conditions in the\u00a0US$700 million loan agreement.<\/p>\n<p>Sharing his thoughts on the matter, Dr. Steve Manteaw told <strong>Citi News<\/strong> that the hasty move will create governance challenges for both companies.<\/p>\n<p>He accused the Energy Ministry of attempting to &#8220;cut corners\u00a0in the transition process; a situation which is likely to create new corporate governance challenges for both GNPC and Ghana Gas.\u201d<\/p>\n<p>He stressed that the indecent haste with which the Mahama administration is seeking to effect its recently announced decision to re-create Ghana Gas as a subsidiary of GNPC &#8220;seems to me that the driving imperative is a short-term expediency, particularly GNPC\u2019s decision to contract a US$700 million commercial loan, and therefore the need to expand its assets by adding Ghana Gas to its portfolio.\u201d<\/p>\n<p>He therefore urged the Energy Ministry to \u201chasten slowly and proceed in a manner that does not cast doubt on the real intent of the reforms.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>By: Marian Efe Ansah\/citifmonline.com\/Ghana<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Chairman of the Civil Society Platform on Oil and Gas, Dr. Steve Manteaw has alleged that government&#8217;s hasty handover of Ghana Gas Company to the Ghana National Petroleum Corporation (GNPC) is a short-term expediency. He said\u00a0the takeover is to enable GNPC expand its assets following its acquisition of the\u00a0US$700 million commercial loan. [contextly_sidebar id=&#8221;E8Cojiy54POVFBApE0lLep8QnAl54ixW&#8221;]The [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":73744,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[],"tags":[43,22,38,4],"class_list":["post-73736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-foresight-medical-center","tag-medcirclesgh","tag-palaver-newspaper","tag-st-augustines-college"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/73736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=73736"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/73736\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/73744"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=73736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=73736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=73736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}