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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
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
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Prophet Courage Heavens set to launch ‘Predestination’ book on March 23
Prophet Courage A. Heavens is set to launch the much-awaited book titled ‘Predestination’ on Sunday, March 23, 2025 at 5:00PM.
The launch, which is expected to impact lives, will take place at Crossgates Ministries, Flattop, off N1 Highway, opposite Angel Hauz.
The book is aimed at addressing the way people struggle to understand how free will and destiny align.
It is also aimed at providing clarity on God’s sovereignty and one’s place in His divine plan.
The various chapters of the book address various issues through scriptures and personal stories.
Committed to impacting society, part of the proceeds from the book will go into Courage Heavens Education Legacy (CHEL), an educational foundation transforming lives.
CHEL is dedicated to providing financial support and mentorship to brilliant but needy students, ensuring they have access to quality education and opportunities for a better future.
Prophet Courage Heavens is a prolific writer and previously authored Eli Eli Lama Sabachthani, a powerful book that encourages unwavering faith in times of trials.
In addition, he has written seven more prophetic and life-changing books that are yet to be published.
He is dedicated to raising the next generation for impactful ministry. As the leader of Crossgates Ministries, he nurtures believers in faith and purpose.
