The Public Interest and Accountability Committee (PIAC) has advised the Ghana National Petroleum Corporation (GNPC) to desist from granting loans and guarantees until recoveries are made with reference to outstanding loans.
This comes after reports that the Petroleum Corporation could not realize its budgeted revenue from loans and guarantees due to debts owed it by the government.
According to the Public Interest and Accountability’s 2021 annual report, the Ghana National Petroleum Corporation (GNPC) in 2021, could not realize its budgeted revenue from loans and guarantees amounting to US$126.7 million out of an accumulated total of US$318 million owed it by government and its agencies since 2011.
The Public Interest and Accountability Committee (PIAC) has advised the Ghana National Petroleum Corporation (GNPC) to desist from granting loans and guarantees until recoveries are made with reference to outstanding loans.
This comes after reports that the Petroleum Corporation could not realize its budgeted revenue from loans and guarantees due to debts owed it by the government.
According to the Public Interest and Accountability’s 2021 annual report, the Ghana National Petroleum Corporation (GNPC) in 2021, could not realize its budgeted revenue from loans and guarantees amounting to US$126.7 million out of an accumulated total of US$318 million owed it by government and its agencies since 2011.
Source: https://citibusinessnews.com/2022/04/piac-asks-gnpc-to-quit-giving-out-loans-to-govt-until-significant-recoveries-are-made/