Finance Ministry, others heavily indebted to GNPC – PIAC


Four state-possessed substances (SOEs) including the Ministry of Finance are profoundly obliged to the Ghana National Petroleum Commission (GNPC) since 2018.

As indicated by PIAC, in its semi-yearly report on the administration of oil income for the time of January to June 2018 the Ministry of Finance, Tema Oil Refinery, Bulk Oil Storage-Transport, and Ghana Gas owed the GNPC GH¢1,318,393,339.

Per the provisions of the understandings, said the report, these obligations were required to be paid before the finish of December 2018.

“[However]… as of the date the sums are yet to be paid,” the report said cautioning, “this would affect contrarily on the activities of GNPC in satisfying center order. ”

PIAC has in this manner prescribed to the Minister for Finance to guarantee that all SOEs who are obligated to the GNPC “respect their commitments according to the particulars of their understandings to empower GNPC to accomplish its order.”

Likewise, PIAC saw that an unutilized ABFA measure of GH¢403.74 million has expanded to GH¢440 million because of conversion scale gains yet at the same time stayed unpaid.

The Ministry of Finance affirmed the sum and demonstrated that the sum was remarkable on the grounds that it was excluded in the 2018 endorsed spending plan.

As per the Ministry, it expects to get the vital parliamentary endorsement so as to dispense the sum.

Ghana’s Petroleum Revenue Management Act commands the state to dispense assets from the Petroleum Holding Fund.

It is intended to help the national spending plan as the Annual Budget Funding Amount (ABFA).

At the point when cash dispensed to the store is unspent, it ought to have come back to the Petroleum Holding Fund for responsibility purposes.

In any case, in 2017, PIAC report uncovered 403 million Ghana cedis unspent cash was unaccounted for.

In the year under audit, the legislature modified GH¢1.55 billion as ABFA use for 2018 and showed that it incorporated the GH¢403 million (presently GH¢440 million because of swapping scale gains), being the exceptional parity from 2017.

PIAC’s examination uncovers that the GH¢1.55 billion was actually 70 percent of the net oil incomes, in accordance with the arrangements of Act 815, henceforth, couldn’t have incorporated the GH¢440 million.


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