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Ghana Gas, 4 others fail to pay US$310.34m into Petroleum Holding Fund — A-G report
The Ghana National Gas Company Limited (Ghana Gas) and four other entities have failed to pay a total of US$310.34 million into the Petroleum Holding Fund, the Auditor General (A-G), Mr Daniel Yaw Domelevo, has said in his report to Parliament.
The A-G report was on the management of petroleum funds for the financial year ended December 31, 2018.
According to the report, Ghana Gas owed US$308.77 million for gas supplied by the Ghana National Petroleum Corporation (GNPC).
The A-G estimated the amount of penalties due from the default to be US$10.79 million as per section 3(4) of the Petroleum Revenue Management ACT 2011 (Act 815).
Section 3 subsection 4 of Act 815 states, “where the liability of an entity to make a payment is not discharged on or before the due date, the entity shall pay as a penalty, an additional five per cent of the original amount for each day of default or the default rate established under any other law, whichever is higher.”
The A-G recognised that, the other outstanding amount of US$1.57 million were as a result of unpaid surface rental by four petroleum exploration entities, namely, GOSCO/Heritage Exploration and Production Ghana Limited, Sahara Fields Energy Limited, Britannia-U Ghana Limited and Swiss African Oil Company Limited.
The implication of the failure of Ghana Gas and the four other entities, the A-G said, had led to loss of income to the state, a situation which could have been averted through prompt payment.
“There is a loss of income which would have been earned, if the funds had been paid on time and invested,” Mr Domelevo said in his report.
Against the background of the findings from the audit conducted, the A-G recommended that all monies assessed as due and outstanding to the Petroleum Holding Fund should be promptly collected.
In addition, the A-G endorsed that, any late payments should attract the right interest as stipulated by Section 3(4) of Act 815.
The report also found that, the Investment Advisory Committee of the Petroleum Fund Management was not meeting, as Act 815 requires.
Per Act 815, the Investment Advisory Committee was supposed to meet at least once every quarter, but that did not happen, according to the report by the A-G.
“We were unable to confirm that the IAC met during the year ended December 31, 2018, as there were no minutes available in line with Section 33 of Act 815,” the A-G said.
To this effect, Mr Domelevo recommended that, the IAC should be reconstituted with individuals who can make time to regularly attend to the business of the Committee.
The report, presented to Parliament in accordance with Regulation 29(7) of the C.I.70, was undertaken by PriceWaterHouseCoopers for and on behalf of the Auditor-General.
Source: Ghanaian Times
The Africa Investment Network has entered a new partnership with 17 Asset Management to expand investment opportunities for Africans in the diaspora.
The two organisations will work together to open more pathways for diaspora investors, provide better data on markets, and connect investors to viable projects across the continent.
The partnership will focus on mapping investment opportunities across countries and sectors, building a Diaspora Pathways Program to guide new investors, and creating a shared research platform that provides market insights, returns benchmarks, regulatory updates and sector outlooks.
The two groups will also develop a trade and deal catalogue to help match businesses with partners.
As part of the collaboration, both institutions will host investment roadshows through the Global Africa Summit series, starting with GAS Accra from December 11 to 12 at the Alisa Hotel.
The event will showcase deals, hold sector briefings and connect investors with government and private sector actors.
Africa Investment Network founder and Chief Executive Jane Reindorf Osei noted that diaspora capital remains one of Africa’s strongest advantages because it is patient, purpose driven and closely linked to local development outcomes.
She explained that the partnership will help direct more diaspora investment into areas where it can make the most impact.
Chairman of 17 Asset Management, John Morris, highlighted that the joint effort will blend strong investment design with Africa Investment Network’s networks and convening power.
He stressed that improved research and compliant market access will give diaspora investors more confidence across different markets.
The two institutions will open their diaspora investment platform in the second quarter of 2026, followed by the launch of a co investment window.
Investment roadshows will also be held in North America, the Caribbean and key African centres next year.
Africa Investment Network and 17 Asset Management invited governments, development finance institutions, family offices, asset managers and other partners to support deal creation, risk sharing and market building initiatives aimed at boosting diaspora participation.
By: Jacob Aggrey
Government Communications Minister Felix Kwakye Ofosu insists that neither President Mahama nor the National Democratic Congress has filed any petition seeking the removal of the Electoral Commission Chairperson and her two deputies.
In a one on one Interview with GHone, he explained that the President only forwarded petitions he received, as required by law, and has not initiated any action against the EC leadership.
According to him, the identities and motives of the petitioners remain unknown to government, and the Presidency is not involved in that part of the process.
Mr Kwakye Ofosu stressed that while the NDC has openly disagreed with some actions of the Electoral Commission in the past, the party has not submitted any petition asking for the removal of the EC Chair or her deputies.
He noted that comments by the NDC National Chairman, Johnson Asiedu Nketiah, questioning the EC’s competence, do not amount to a formal petition.
He added that criticism of public officials is normal and does not automatically translate into a request for their removal.
Mr Kwakye Ofosu explained that once a petition is received, the President’s only role is to forward it to the Chief Justice.
The Chief Justice then decides if the allegations have merit. If they do, a committee is set up to investigate.
He said those named in the petitions will be officially informed by the Chief Justice, not the Presidency.
They will then have the opportunity to appear before the committee, respond to the claims, and provide any evidence in their defence.
Mr Kwakye Ofosu expressed confidence that the process will be fair and will protect the rights of all those involved.
By: Jacob Aggrey
