GNPC clarifies 700 million dollar loan

The Ghana National Petroleum Corporation has reacted to public concern over its decision to go for a 700 million dollar loan.

The Corporation says it does not require Parliamentary approval to borrow.

A statement from the Corporation quotes PNDC Law 64 which mandates the GNPC to seek approval from the Minister of Finance upon recommendation by the Minister of Energy and Petroleum and not parliament.

The statement denies using Ghana's oil resource as collateral.

It said GNPC is using its share of oil revenue, as provided for by the Petroleum Revenue Management Act to secure the loan. We bring you more on the statement.

Source: GBC