NPP Stalwart Threatens GNPC With Suit… over $700 million loan

BoaheneA former Deputy Minister of the Interior in the New Patriotic Party (NPP) administration, Nana Obiri Boahene, has threatened to sue the Ghana National Petroleum Corporation (GNPC) should it go ahead to contract the $700 million loan from the international market without seeking Parliamentary approval.

He said the corporation’s move was inappropriate and could result in financial loss, if the necessary and proper mechanisms were not put in place.

Reacting to the justification of the loan by the Chief Executive Officer (CEO) of GNPC, Mr Alex Mould, on a private radio station, Adom FM, yesterday, Nana Obiri Boahene said there would be a revolution in this country one day where all the property of personnel of the corporation would be confiscated to the state.

“I am not calling for a coup d’etat, but all that I am saying is that there will one day be a revolution and Alex Mould and his compatriots’ property would be seized,” he said in all seriousness.

According to the Sunyani-based lawyer, GNPC had, through its operations, incurred debts for the nation in the 1980s, stressing that it would not happen again.

“If there is change of government in the foreseeable future, GNPC will account for all the losses,” he said.

Nana Obiri Boahene wondered how GNPC sponsored 94 people to Brazil to watch the 2014 World Cup if it was cash-strapped only for it to turn round to a contract loan from the international market.

But the GNPC has still come out to defend its position on the loan, saying the $700 million international market facility would be used to support its increasing oil and gas infrastructure investment, as well as cash requirement from its participating and commercial interest.

It maintained that the loan would be additionally used to provide guarantees for the Off-shore Cape Three Points (OCTP) contractors for the offtake of natural gas from the field.

By Castro Zangina-Tong 

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