GNPC clarifies non-payment of oil revenue accruing to JOHL into Petroleum Holding Fund
The GNPC has been debunking media reports that it has failed to pay an amount of US$340 million into the Petroleum Holding Fund (PHF).
The Ghana National Petroleum Corporation (GNPC) says it has not stolen or attempted to steal an amount of US$343 million meant for the Petroleum Holding Fund as being portrayed by a section of the media.
The GNPC in a statement on Thursday (26 October 2023) said, its accounts are transparently audited annually by a reputable audit firm appointed by the Auditor General, of which a final report is submitted to Parliament for further scrutiny
“Neither GNPC nor JOHL has stolen or made any attempt to steal US$343 million meant for the PHF as being portrayed by the media reportage; and GNPC strongly denounces all related disinformation and false news surrounding the issue.”
“The proceeds from the sale of JOHL’s crude oil cargoes are paid into JOHL accounts, and as a sign of transparency, GNPC continues to provide information on the utilisation of these monies by JOHL to PIAC upon request,” the statement said.
“It is important to note that GNPC’s accounts are transparently audited annually by a reputable audit firm appointed by the Auditor General, of which a final report is submitted to Parliament for further scrutiny.”
“The accounts of all of GNPC’s subsidiaries including JOHL are also part of this comprehensive audit. Similar to all GNPC subsidiaries, the autonomous structure of JOHL is such that its management reports to a stand-alone Board. It needs to be reiterated that GNPC’s position of not paying JOHL’s revenues into the PHF is supported by the express written legal opinion of the Attorney General of the Republic of Ghana,” it added.
Read the full statement below:
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