The Minority in Parliament has issued a stern warning to the Chief Executive Officer and the board of the Ghana National Petroleum Corporation (GNPC) against being coerced by the Presidency into signing a $431.5 million loan agreement without prior parliamentary approval.
John Abdulai Jinapor, the Ranking Member on the Mines and Energy Committee, revealed that a meeting took place on Tuesday, September 14, in the presence of key government officials, including the Finance Minister and the Chief of Staff, to facilitate the loan agreement with LukOil International Trading and Supply Company, also known as LITASCO SA.
Jinapor emphasized that GNPC had initially presented the deal to Parliament, which was then valued at $620 million. Parliament had made it clear that GNPC should submit the terms and conditions of the loan agreement in accordance with Article 181 for parliamentary consideration and approval.
However, Jinapor disclosed that he had come across documents suggesting collaboration between the Presidency and GNPC to proceed with signing the loan agreement without parliamentary approval.
He condemned this alleged unconstitutional and unlawful act, highlighting that it blatantly disregarded Parliament’s directive and resolution.
Jinapor cautioned GNPC’s Chief Executive and the board against any pressure from the Presidency, emphasizing that such an action would be illegal.
He stated, “I, therefore, want to call on the GNPC Chief Executive and the board that if you proceed with this directive, you will be committing an illegality. You do not have the mandate and the power to enter into such an agreement without parliamentary approval.”