• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Ghana Gas indebtedness to GNPC up by $110m; now $613.9m – PIAC report

4 years ago
in Business, Editor's pick, Energy, highlights, Home, home-news, latest News
2 min read
0 0
0
154
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana Gas indebtedness to GNPC up by $110m; now $613.9m – PIAC report

Ghana National Gas Company’s (GNGC) indebtedness to national oil company, Ghana National Petroleum Commission (GNPC), has increased by $110 million within the first half of 2021.

According to the Public Interest and Accountability Committee (PIAC) in its semi-annual report for 2021, Ghana Gas’ indebtedness to the GNPC as at June 2021, stood at $613,910,025.21.

This is against the $503,802,464.58 recorded at the end of December 2020 and the $334,636,806.27 at end-December 2019.

PIAC in its report attributed the increment in GNGC’s debt principally to the Volta River Authority’s (VRA) inability to meet its debt service obligation to the GNGC.

“As at 30th June, 2021, GNGC’s cumulative indebtedness to GNPC amounted to $613,910,025.21 as compared to $393,042,132.35 in 30th June, 2020. The escalating debt is attributable to VRA’s inability to meet its debt service obligation to GNGC,” said the report.

Total volume of raw gas sales to GNGC by GNPC in the first half of 2021, PIAC notes amounted to 19,868,900.00 MMBtu compared with the 10,920,275.49 MMBtu for the same period in 2020, representing an increase of 81.95 percent.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

“On the revenue side, the total indebtedness to GNPC stood at $110.75 million compared to $62.31 million for the same period in 2020,” added the Committee.

Read This: Stanbic Bank gets ‘AAA’ credit rating

GNGC is the nation’s premier mid-stream gas company that owns and operates infrastructure required for the gathering, transporting and marketing of natural gas resources in Ghana.

In a related development, petroleum revenue funding to the Ghana Infrastructure Investment Fund (GIIF) the Committee also noted, has been restored.

According to the Committee, the restoration of funding to GIIF was due to the amendment of the Earmarked Funds Capping Realignment Act, 2017.

“The Earmarked Funds Capping Realignment Act, 2017, which discontinued allocations to GIIF for infrastructural development has been amended to restore petroleum revenue funding to GIIF.

“PIAC notes with commendation the amendment of the Earmarked Funds Capping and Realignment Act, 2017 and the subsequent resumption of allocations to GIIF, remarked PIAC.

According to PIAC, the Ministry of Finance allocated, out of the total Annual Budget Funding Amount (ABFA) of $155.2 million, an amount of $21,723,434.68 million to the Ghana Infrastructure Investment Fund (GIIF) for the Agenda 111 project, leaving a balance of $133.5 (GH¢891,219,215.64) for distribution over four (4) priority areas selected.

Per the Petroleum Revenue Management (Amendment) Act, 2015 (Act 893) and the Ghana Infrastructure Investment Fund Act, 2014 (Act 877), petroleum revenue allocation to the GIIF should be 25 percent of the ABFA.

Source: norvanreports
Tags: COVID-19 pandemicghanaGhana Gas indebtedness to GNPC up by $110m; now $613.9m - PIAC reportGhana National Petroleum Commission (GNPC)GNPCPublic Interest and Accountability Committee (PIAC) iVRA
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.