Ministry of Energy refutes Minority’s claim of secrecy in GNPC-LITASCO refinancing deal
The Ministry of Energy has vehemently dismissed assertions made by the Minority in Parliament regarding the GNPC-LITASCO’s refinancing arrangement, asserting that the process is shrouded in secrecy without the necessary parliamentary approval.
In an official statement signed by the Ranking Member on Parliament’s Mines and Energy Committee, Mr. John Jinapor, the Minority has raised concerns that the government intends to secure the facility through GNPC without the essential approvals. The allegations, however, were swiftly countered by the Ministry of Energy in a statement released on Friday, September 22, 2023.
According to the Ministry, the Minority’s claims are a calculated effort to tarnish the reputation of the government, including President Nana Akufo-Addo and other government officials, for political gain. It emphasized that the agreement in question has undergone various procedural steps and is scheduled to be presented to Parliament when the House reconvenes in mid-October.
The Ministry clarified that the facility in question has been refinanced on multiple occasions and was prominently featured in GNPC’s 2023 Work Programme. The corporation outlined its intention to secure $620 million from the LITASCO facility to support its work programme, and it obtained the necessary parliamentary approval, including refinancing the loan.
Highlighting the timeline, the Ministry explained that GNPC finalized the terms and conditions of the facility with LITASCO on September 14, 2023, subsequently obtaining board approval. On the same day, the documentation was submitted to the Ministry of Energy for review and approval, followed by the Ministry of Finance’s approval on September 15, 2023, in line with the Public Financial Management Act (PFMA).
Expressing bewilderment, the Ministry questioned the Minority’s motives, given their knowledge of these procedural requirements, to allege wrongdoing on the part of government officials and even impugn the integrity of the President. It underscored that all actions taken are consistent with legal norms, propriety, and the principles of good governance.
The Ministry postulated that the Minority’s actions may be politically motivated, aimed at creating disaffection for the government in the lead-up to the electoral campaign season.
The Ministry has therefore called on the general public to disregard the Minority’s claims, characterizing them as inaccurate and driven by political considerations.
