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GNPC clarifies Non-Payment of JOHL revenues into PHF and Litasco Loan Transaction

Local News

7 months ago
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The Ghana National Petroleum Corporation (GNPC) says it is actively working on finalising the detailed terms of a loan agreement with Litasco.

The GNPC in a statement said: “Once these negotiations are completed, the final negotiated terms will be reviewed by the GNPC Board, the Minister for Energy, and the Minister for Finance.

” The final documents will
then be submitted to Parliament for consideration,” it indicated in the release issued by the Corporate Affairs Directorate on Thursday, October 26, 2023.

It continue: “GNPC is committed to maintaining transparency in this process and will ensure that
Parliament is made aware of the final detailed negotiated terms before the execution of any agreements.”

The assurances follow reports suggesting that the Jubilee Oil Holdings Limited (JOHL), a wholly owned subsidiary of GNPC, has allegedly failed to pay some US$340 million into the Petroleum Holding Fund (PHF).

The discussions have also sought to portray that GNPC is involved in a non-transparent attempt to secure a loan agreement with Litasco without Parliamentary approval.

The Corporation, therefore, issued the release below to respond to the “falsehoods and inaccuracies” in the reportage.