The Minority in Parliament is urgently demanding a cessation to the government’s intentions of using proceeds from the TEN oil field as collateral for a $431 million loan facility from LITASCO.
The Minority argues that this arrangement is unlawful and expresses apprehension that, under the loan agreement, the TEN oil field would be obligated to produce a minimum of 3.8 million barrels of crude oil annually for LITASCO.
Addressing reporters on Wednesday, September 20, John Jinapor, the Ranking Member on the Mines and Energy Committee, emphasized that despite Parliament’s refusal of the Ghana National Petroleum Corporation’s (GNPC) request to secure the loan until the agreement’s terms and conditions were presented, the presidency has instructed GNPC to seek board approval for the loan without obtaining parliamentary consent.
“To our utmost shock, the minority side has become aware that the presidency is using coercive force to compel the GNPC to proceed and execute this loan agreement without parliamentary approval,” Jinapor said, adding “This is unconstitutional, this is unlawful and this is a blatant disregard to the directive and resolution of Parliament.”
The GNPC board members who opposed the loan agreement were likewise praised by the minority. Jinapor asserts that the GNPC board’s audacious action ought to be supported.
He admonished the GNPC not to proceed with the loan agreement without parliamentary approval since doing so would be unconstitutional.