…Over $47m revenue cover-up
The Public Interest and Accountability Committee (PIAC) has refuted a claim by the Ghana National Gas Company that information captured in its annual 2016 report with regard to misappropriation of some $47million revenue from gas sales was misleading.
In a statement issued in Accra and signed by Joseph Winful, the chairman of PIAC, it maintained that the information as contained in its 2016 report is accurate.
Following the launch of the PIAC 2016 Annual Report last week in Accra, Mr. Ernest Kofi Owusu-Bempah Bonsu, Corporate Communications Manager of the Ghana National Gas Company (GNGC), came out with a statement discrediting PIAC’s Report.
PIAC insisted, “The Company wishes to state that the story is untrue and misleading. It is also incorrect that the Volta River Authority (VRA) owes Ghana Gas an amount of $434million. Ghana Gas, like any other entity, acknowledges that it owes some of its partners in the energy sector, but the figures being churned out are inaccurate.”
According to PIAC, Ghana Gas failed to take cognizance of the fact that the period covered by PIAC’s statutory 2016 Annual Report was from January to December 2016, for which period the figure amounted to US$434.70million as accurately reported by PIAC, and not for the period up to 31st May, 2017, as represented by GNGC.
However, on the issue about management of petroleum revenues for the year 2016, PIAC has expressed concern about how some components of petroleum revenues that fell due during the period under review were either not collected or paid by responsible entities.
“The largest and most blatant of them is GNGC’s failure or inability to pay for gas supplied by GNPC since late 2014, which has led to an accumulated outstanding debt of US$135million. The Committee has been informed that GNGC has not been able to honor GNPC’s invoices due to VRA’s inability to pay their outstanding debt, which is now assessed to be over US$454million and although the Committee and the GNGC have flagged the dire consequence of the continuous indebtedness to VRA to GNGC in its 2015 Annual and 2016 Semi-Annual reports, nothing appears to have been done to resolve the issue,” it revealed.