US$3.4b unpaid penalties within the upstream petroleum sector detected by Auditor-General
Daniel Yaw Domelevo, The Auditor-General of Ghana has
discovered US$3.4 billion in unpaid penalties relating to the Petroleum Holding
Fund.
The latest report on the management of petroleum funds for
the year ending December 2017, found that a total amount of US$220 million was
outstanding.
Of the total amount, US$219 million represents amounts due
from the Ghana National Gas Company Limited for gas sold to them by the Ghana
National Petroleum Corporation (GNPC).
There were an additional US$1 million surface rental fees
unpaid by various entities.
The estimated amount of penalties based for such delayed or
nonpayment amounted to US$3.4 billion.
The Auditor-General observed that there is a loss of income
which would have been earned if the funds had been paid on time and invested.
He recommended that monies due to the Petroleum Funds should
be promptly collected. Any late payments should attract interest as stipulated
by law.
Management in its response said that the Ghana National Gas
Company Limited failed to pay the amount owed Ghana National Petroleum
Corporation because the Volta River Authority (VRA) had defaulted in paying
Ghana National Gas Company for gas supplied to them for the running of the
thermal plants.
It said regarding the unpaid surface rental fees, Ghana
Revenue Authority has been informed of the situation and Bank of Ghana was
awaiting its response.
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