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High- risk GNPC may lose $100 mil KarPower guarantee-ACEP

" The arrangement is so risky that GNPC may loose the $100 million. ECG who is supposed to distribute the power and pay KarPower back is not efficient enough in the collection of revenue.

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Dr. Mohammed Amin Adam, Executive Director of the African Centre for Energy Policy (ACEP) play

Dr. Mohammed Amin Adam, Executive Director of the African Centre for Energy Policy (ACEP)

The Africa Center for Energy policy- ACEP raising alarms about the possibility of Ghana losing some $ 100 million paid in an escrow account by the Ghana National Petroleum Authority as guarantee for the acquisition  of the emergency KarPower Bardges.

According to Africa Center for Energy Policy, the Electricity Company of Ghana should have been made to provide the guarantee, since its the company going to pay back the cost of the power barges to KarPower from utility bills collected from the distribution of the power from the barges.

Addressing the gathering at a forum organized by the Natural Resources Development  Institute, Thursday afternoon, Director at the Africa Center for Energy Policy, Mohammed Amin-Adam said the arrangement is highly risky, looking at the inefficiencies of ECG in collecting revenues due them.

" The arrangement is so risky, that GNPC may loose the  $100 million. ECG who is supposed to distribute the power and pay KarrPower back is not efficient enough in the collection of  revenue. That problem needs to be fixed, otherwise the company may not be able to pay KarPower back"

Meanwhile, ACEP has been raising questions about the GNPC's failure to furnish Ghanaians on the details of their financial reserves. According to Mohammed Amin- Adam,  the cooperation owes it Ghanaians to  make open, monies accruing to its account  from petroleum reserves, and how those monies are being used.

" GNPC must furnish Ghanaians with details of their investment strategies, reserves and accounts. This will help in  projection of revenue accruing to the Cooperation from oil reserves."

The forum was organised to audit funds accruing to the GNPC from the country's petroleum reserves.

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