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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
Ghana’s First Lady, Lordina Mahama, has made a generous donation to the country’s national female Under-17 and Under-20 teams – Black Maidens and Black Princesses- as they continue preparations for major international assignments.
The donation, made on Friday, May 22, was presented on behalf of the First Lady by the Minister for Gender, Children and Social Protection, Agnes Naa Momo Lartey, at the GFA Technical Centre in Prampram.
The gesture forms part of efforts to motivate and support Ghana’s young female footballers as they prepare to represent the country on the international stage.
The donation included essential food items and toiletries aimed at supporting the welfare and well-being of the players and technical teams.
The donation included cartons of Milo, T-rolls, soft drinks, toiletries, and a range of essential supplies aimed at supporting the welfare of the players, enhancing camp conditions, and easing preparations ahead of their respective assignments.
The Black Maidens are currently engaged in preparations for the FIFA U-17 Women’s World Cup qualifiers and are set to take on Liberia women’s national under-17 football team in the second-leg encounter in Liberia this weekend.
Meanwhile, the Black Princesses have already secured qualification to the FIFA U-20 Women’s World Cup after overcoming Uganda in the qualifiers, extending Ghana’s remarkable record to eight consecutive appearances at the tournament.
The donation by the First Lady was expected to boost morale within both camps while reinforcing national support for the young female footballers who continue to make the country proud.
The prosecution has officially rested its case in The Republic v Solomon Asamoah & Another, the high-profile legal battle commonly referred to as the “Sky Train” case.
The Deputy Attorney General Justice Srem Sai announced the development, praising the state’s team of hard-working prosecutors for successfully anchoring the state’s evidence before the High Court.
The criminal trial centers on the former Chief Executive Officer and the former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF).
The duo stands accused of illegally authorizing and paying out US$2 million to a foreign company without obtaining board directives or other mandatory statutory approvals.
State investigators have confirmed that the disbursed millions cannot be found.
Following the closure of the prosecution’s case, the accused persons moved the court for an opportunity to file a submission of no case.
The presiding judge granted the application, ordering the defense to submit their arguments by June 8.
The outcome of the June 8 filings will decide the fate of the trial:
With this, if the judge finds the defense’s submission convincing, the accused will be acquitted and discharged however, If the judge dismisses the submission, the court will order the accused officials to take the stand and explain why they should not face prison sentences.
By Edem Mensah-Tsotorme
