The Minority in Parliament has issued an urgent call for the government to halt its plans to utilize proceeds from the TEN oil field as collateral for a $431 million loan facility from LITASCO.
The Minority contends that this arrangement is illegal and raises concerns about the production demands placed on the TEN oil field as part of the loan agreement.
John Jinapor, the Ranking Member on the Mines and Energy Committee, expressed these concerns during a press briefing on Wednesday, September 20. He pointed out that despite Parliament’s rejection of the Ghana National Petroleum Corporation’s (GNPC) request to secure the loan until the terms and conditions of the agreement were provided, the presidency has directed GNPC to seek board approval for the loan without parliamentary consent.
“To our utmost shock, the Minority side has become aware that the presidency is using coercive force to compel GNPC to proceed and execute this loan agreement without parliamentary approval,” Jinapor declared. He added, “This is unconstitutional, unlawful, and a blatant disregard for Parliament’s directive and resolution.”
The Minority further commended the GNPC board members who have voiced their opposition to the loan agreement. Jinapor emphasized the importance of encouraging this bold stance by the GNPC board.
Jinapor warned that proceeding with the loan agreement without parliamentary approval would constitute a breach of the constitution and a violation of established procedures. The Minority’s call for a halt to the controversial agreement underscores their commitment to upholding parliamentary processes and ensuring transparency in financial matters related to the nation’s resources.
About The Author
More Stories
Ghana to export products to China at Zero Tariff
For over 148 years since Ghana has been training lawyers.
The Blackstars of Ghana Overwhelming Victory