In Parliament, the Minority is sounding a cautionary note to the management of the Ghana National Petroleum Corporation (GNPC). They are advising against seeking approval for a $431 million loan facility.
The concern raised by the NDC MPs revolves around suspicions that the government is pressuring GNPC into obtaining this loan from a company called Litasco, using oil as collateral.
Isaac Adongo, the Ranking Member for the Finance Committee, addressed the media on September 28, asserting that this arrangement runs afoul of the conditions set by the existing IMF program.
Specifically, it violates the stipulation prohibiting the government from acquiring commercial loans with collateral.
“They should not even dare to invite parliament to consummate the illegality they are about to undertake. The conduct so far suggests that they are keen to breach the agreement they signed with the IMF. Otherwise, they would not even go to the GNPC Board to approve any term sheet, go to Ministry of Energy [to] go and get no objection, go to Ministry of Finance…and Ken Ofori-Atta you don’t even read the agreement you signed then you give no objection and the president approved it… They can do it there.”
He added, “They don’t even respect the laws of Ghana. So they should just stay there and do it. Then we will know that they don’t respect Parliament. But they should not even invite us to be part of that process that “
Minority Leader Dr. Cassiel Ato Forson, for his part, has warned that his party will not vote on an agreement that he claims is in flagrant violation of Ghana’s 17th IMF plan.