PIAC attributes GNPC's debt woes to activities beyond constitutional mandate
Ghana National Petroleum Company (GNPC)
Isaac Dwamena, Coordinator for the Public Interest and Accountability Committee (PIAC), has attributed the mounting debt of the Ghana National Petroleum Company (GNPC) to its involvement in activities beyond its constitutional mandate.
Read full articleDwamena's remarks came in response to PIAC's report titled 'The Role of GNPC in the Upstream Petroleum Industry: Challenges and Prospects,' which flagged the GNPC's burgeoning debt amid government indebtedness.
During an interview on Citi FM, Dwamena underscored that GNPC's engagement in non-traditional roles, typically the responsibility of the central government, has contributed significantly to its financial strain.
He cautioned against the overextension of GNPC's role, warning that it could lead to a scenario where citizens rely more on the national oil company for development projects rather than the central government.
Dwamena stressed that international standards dictate that national oil companies refrain from certain expenditures to allow central governments to undertake development initiatives.
He emphasized that while state-owned enterprises like GNPC play a role in national development, the primary responsibility for such projects lies with the central government, not the oil company.
“If we are continuing like that then the national oil company will become such a colossal body that will get so powerful to the point that citizens will look up to the national oil company to do development for citizens rather than the central government. The responsibility of these projects is on central government rather than these state-owned enterprises, not only GNPC,” he said.
Read full article
