The Ghana National Petroleum Corporation (GNPC) has issued a press release to address recent reports regarding the alleged non-payment of approximately US$340 million in revenues by Jubilee Oil Holdings Limited (JOHL), a GNPC subsidiary, into the Petroleum Holding Fund (PHF).
GNPC strongly refutes the claims of non-transparency in securing a loan agreement with Litasco without parliamentary approval. In response to the reports, GNPC emphasized that JOHL’s revenues are not classified as petroleum revenue under the Petroleum Revenue Management Act, and thus, they are not required to be paid into the PHF.
GNPC also clarified that the Litasco loan facility is a refinancing arrangement for existing debts incumbent upon ECG and the Government of Ghana, not a new loan.
In response to the allegations, GNPC stated, “Neither GNPC nor JOHL has stolen or made any attempt to steal US$343 million meant for the PHF as being portrayed by the media reportage; and GNPC strongly denounces all related disinformation and false news surrounding the issue.”
GNPC highlighted that its accounts are transparently audited annually, with comprehensive audits covering all its subsidiaries, including JOHL.
The corporation emphasized that its position of not paying JOHL’s revenues into the PHF is supported by the express written legal opinion of the Attorney General of Ghana.
Regarding the proposed Litasco Loan Facility, GNPC clarified that it is not a new loan but a refinancing arrangement aimed at ensuring uninterrupted power supply to the country.
The loan is intended to cover debts owed by the Government of Ghana, ECG, and Karpowership. GNPC emphasized its commitment to transparency and stated that the final terms of the loan facility would be reviewed by relevant authorities and submitted to Parliament for consideration.