Ghana Gas Company PIAC asks VRA to pay $227.78m Ghana Gas debt

The debt that comes up to $227.78 million as at December 2015, is believed to be compounding as days go by with interest payable reaching $1.12 million.

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Ghana National Gas Company play

Ghana National Gas Company

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Volta River Authority has been asked by  the Public Interest and Accountability Committee to pay up all debt owed the Ghana National Gas Company.

The debt that comes up to $227.78 million as at December 2015, is believed to be compounding as days go by with interest payable reaching $1.12 million.

“The Ministries of Petroleum and Power must ensure that all outstanding receivables in respect of lean gas sold to the VRA, which stood at US$227.78 million as at the end of December 2015, is paid as matter of urgency so as to guard against the GNGC falling into the never-ending cycle of indebtedness prevalent in Ghana’s energy sector,” he said.

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According to him, this would ensure that the GNGC is in the position to pay the Ghana National Petroleum Corporation (GNPC) for raw gas exported to the Atuabo Gas Processing Plant.

The GNGC is in turn indebted to the Ghana Group (GNPC) up to the tune of US$79.06 million in respect of raw gas delivered to the Atuabo Gas processing Plant from the Jubilee Field since the commencement of gas production. 

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