GNPC on the brink of bankruptcy – Kwabena Donkor

Pru East Member of Parliament, Dr Kwabena Donkor has said the Ghana National Petroleum Corporation (GNPC) risks going bankrupt.

He attributed this to the decision by the management of the GNPC to engage in activities outside of its mandate.

Dr Donkor said this while supporting a motion to adopt he report of the Committee on Employment, Social Welfare and State Enterprises on the annual financial performance of of the GNPC for the years 2019 to 2020, in Parliament on Wednesday November 2.

The former Minister of Power said “we are saying that the committee observed that GNPC engages in activities outside its core mandate, which either do not produce commercial value for the organization or compromise efficiency and utilization of GNPC’s revenue.

“We will urge that for purely financial analysis, without injection of new funds, GNPC is on the brink of bankruptcy. Therefore, Mr Speaker, in supporting the motion, I will want to call the attention of this House for the need to bring GNPC, even is it is a committee of a whole, to bring GNPC before those house for amore critical scrutiny.”

GNPC’s major source of revenue comes from the allocation of its shares of revenue by Parliament under the Petroleum Revenue Management Acta 2011 (Act 815).

Gas sales represented 69 per cent and 72 per cent of total sales in 2021 and 2020 respectively.

report of the Committee on employment, social welfare and state enterprises on the annual financial performance of GNPC for 2019 and 2020

Source:3news.com