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Ghana-Ivory Coast maritime dispute costing GNPC a fortune

In their annual report, the Public Interest and Accountability Committee expressed dissatisfaction at the decision of the GNPC to foot the cost of the arbitration.

 

The report shows that between January and June last year, the GNPC spent $2.11 million on the dispute ongoing in the International Tribunal for the Law of the Sea, representing 25% of the company’s total allocation for exploration and equity financing for the year.

The maritime dispute ensued in 2014 when Ghana hauled the Ivory Coast before the  International Tribunal on the Law of the Sea over the latter’s claim of ownership of parts of the oil and gas-rich Cape Three Points.

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The Chairman of the PIAC, Professor Paul Kingsley Buah Bassuah, asked in a media interview whether GNPC had parliamentary approval to make such expenditure.

“Did the event get approval to do that? I do not know and it will be good to find out,” he said.

“I think they were not supposed to do so because that money (their 2015 budget) was given to them for exploration and equity financing only for them to use to finance court expenditure. That is wrong,” he stressed.

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