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.
play
Cape Three Point, Ghana
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.
READ MORE: Oil dispute Ghana files statement of case in the maritime boundary dispute with Cote D’Ivoire
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 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.
Reporter - Pulse. Ghana's economy is extremely dynamic, with its own politically- induced challenges and successes. I am dedicated to telling stories about the figures, successes and prospects of Ghana's economy. I am a graduate of the University of Ghana, and a journalist in the fourth year of practice
