The government’s debt to the Ghana National Petroleum Corporation (GNPC) has ballooned to $1.25 billion as of December 2024, sparking renewed concerns about the financial sustainability of the state-owned oil company.
According to the latest report from the Public Interest and Accountability Committee (PIAC), the government continues to rely heavily on GNPC for financing, despite repeated warnings. The surge in debt stems from ongoing disbursements and guarantees issued by GNPC on the government’s behalf.
PIAC’s concerns date back years. In its 2021 annual report, the committee revealed that GNPC was unable to recover $126.68 million in projected revenue from loans and guarantees, part of a larger $318.09 million debt owed by the government and its agencies since 2011.
Back then, PIAC urged GNPC to intensify recovery efforts and halt new lending or guarantees until substantial repayments were made.
However, the latest figures suggest those warnings went unheeded. PIAC has expressed firm disapproval of the growing financial burden on GNPC and is once again calling for the urgent repayment of outstanding debts to protect the corporation’s financial health.
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