Browsing: GNPC

Eni Ghana and its Offshore Cape Three Points (OCTP) project partners, Vitol and the Ghana National Petroleum…

Eni Ghana, together with its OCTP partners – Vitol Upstream Ghana Ltd (Vitol) and the Ghana National…

Press Release Statement: Eni Ghana and its OCTP Partners, Vitol and GNPC, in partnership with Ghana Enterprises Agency (GEA)…

The total revenue from royalties for the three oil fields in Ghana was around US$303 million in 2022 compared to…

Ghana would have lost a colossal US$565 million, if the deal had gone through in the form and shape it was presented by the GNPC last year.

The caution comes at the time, the global economic frontiers are committing to the Energy Transition (ET) agenda strongly as majority of the economies set to meet net zero carbonisation by 2040.

GNPC must explain this financial performance at a time when it also spent GH₵200 million on ‘Corporate Social Responsibility’”, Bright Kwashie Dzokoto, a tax expert and a member of Tax Justice Coalition demanded. “This accountability-free regime must end.

To date, however, wealthy countries have under-promised and underdelivered. They have yet to reduce emissions to the extent necessary to avoid warming beyond 2°C, let alone 1.5°C. And, as President Akufo-Addo also mentioned, they have failed to honor their 2010 promise of USD100 billion per year to support developing countries’ responses to climate change. Tragically, the consequences will be felt by all for decades to come.

The finance and energy expert, Alex Mould has, thus, summarised the liabilities of the major SOEs in the country to help in critical scrutiny of the performance of the SOEs. In the summary, it was clear that, most of the SOEs more than doubled their arrears payments or liabilities. The heavily indebted were GNPC, Ghana Cocoa Board (COCOBOD) and Electricity Company of Ghana (ECG). These companies have their liabilities exceeding GHC10.0 billion within a period of four years from 2016 to 2020.