{"id":69392,"date":"2014-11-27T18:10:26","date_gmt":"2014-11-27T18:10:26","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=69392"},"modified":"2014-11-27T22:09:50","modified_gmt":"2014-11-27T22:09:50","slug":"three-npp-mps-sue-gnpc-over-700-million-loan","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/11\/three-npp-mps-sue-gnpc-over-700-million-loan\/","title":{"rendered":"Three NPP MPs sue GNPC over $700 million loan"},"content":{"rendered":"

The three New Patriotic Party (NPP) Members of Parliament \u00a0challenging the $700 million loan<\/strong><\/a><\/span> acquisition by the Ghana National Petroleum Authority (GNPC) have finally filed a suit at the High Court restraining the company from going ahead with the facility.<\/p>\n

The three, \u00a0Dr. Anthony Osei Akoto, Samuel Atta Kyea and Mathew Opoku Prempeh say the loan acquisition without Parliamentary approval is illegal.<\/p>\n

\u00a0The GNPC is reportedly\u00a0 seeking a $700 million loan from the Deutsche Bank and used its share of oil revenue as collateral.<\/p>\n

Critics say the Authority cannot secure a loan without prior approval from Parliament.<\/p>\n

The Chief Executive Officer of the GNPC, Alex Mould defended<\/strong><\/a><\/span> the decision to secure loan by saying \u201cI know some people have been mischievous, saying that GNPC is raising this money to give to government. GNPC is not raising the money to give to government.\u201d<\/p>\n

[contextly_sidebar id=”NY6rSMJCjDeVZBZhgSZHmMkUaJ9TUFVO”]Speaking to Citi News<\/strong>, Lawyer for the three MPs, Nana Asante Bediatuo said the GNPC loan if allowed to go through will serve as a bad precedent.<\/p>\n

He insisted that \u201cthe borrowing that GNPC intends to make should be subjected to Parliamentary scrutiny and approval.\u201d<\/p>\n

\u201cIf you consider the statement that has been made by GNPC, it would appear that they do not believe that this matter requires Parliamentary involvement at all. In fact, they have suggested that the Attorney General has given them an opinion to the effect that parliamentary approval is not required,\u201d he said.<\/p>\n

Asante Bediatuo further explained that \u201cthe MPs hold the view that Parliament cannot be disrespected, the law cannot be breached and therefore they want to seek the court’s intervention to ensure that the proper thing is done.\u201d<\/p>\n

\u201cWe are seeking declaration that acquisition of the loan without parliament scrutiny is unlawful and they want a perpetual injunction restraining them from proceeding with any such borrowing until such time that parliament has the opportunity to approve the facility and the intended project.\u201d<\/p>\n

Meanwhile, the Africa Center for Energy Policy (ACEP) is \u00a0also insisting that the facility must go through Parliament<\/strong><\/a><\/span>.<\/p>\n

–<\/p>\n

By: Godwin Allotey Akweiteh\/citifmonline.com\/Ghana<\/p>\n

Follow @AlloteyGodwin<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The three New Patriotic Party (NPP) Members of Parliament \u00a0challenging the $700 million loan acquisition by the Ghana National Petroleum Authority (GNPC) have finally filed a suit at the High Court restraining the company from going ahead with the facility. The three, \u00a0Dr. Anthony Osei Akoto, Samuel Atta Kyea and Mathew Opoku Prempeh say the […]<\/p>\n","protected":false},"author":24,"featured_media":67610,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[38],"yoast_head":"\nThree NPP MPs sue GNPC over $700 million loan - Citi 97.3 FM - Relevant Radio. 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