MP to drag GNPC to Supreme Court over $400M loan

MP to drag GNPC to Supreme Court over $400M loan


MP to drag GNPC to Supreme Court over $400M loan.

The Member of Parliament for Old Tafo, Dr. Anthony Akoto Osei says he has directed his lawyers to file documents at the Supreme Court to petition against the Ghana National Petroleum Corporation’s (GNPC) 400 million dollar loan agreement.

“My lawyers are appealing to the Supreme Court; they have filed some papers at the Supreme Court,” he noted.

The Chief Executive of the GNPC, Alex Mould, has revealed that the corporation will soon finalise the transaction covering the acquisition of a $400 million loan that will support the company’s new capital investments.

But in an interview with Citi News, the Old Tafo legislator insisted that the case is before the Supreme Court hence the GNPC cannot proceed with its plans.

“The issue has not been debated in Parliament. They have not even brought their work programme as the law requires for Parliament to approve. As I speak, they are yet to bring their work programme as required by the law so I don’t know what they are borrowing for because Parliament has not approved of their activities yet.”

“Attorney General has given an opinion, we are challenging it, and that’s all but under the IMF programme, borrowing by GNPC on concessionary terms is part of the limit government has to take. So…we still think they should still come to Parliament.”

Three Members of Parliament, namely, Dr. Anthony Osei Akoto, Samuel Atta Kyea and Mathew Opoku Prempeh had earlier dragged the GNPC to court to compel them to restrain the company from pursuing with the loan facility.

The Plaintiffs had prayed the court to order the GNPC to suspend any transactions covering the intended loan until the substantive case is decided.

However, the presiding Judge, Justice Mrs. A Bartels-Kodwo, did not accept their plea and dismissed the application.