The minority in Parliament has demanded that the government suspend its plans to use the proceeds of the TEN field as a guarantee for a loan facility of $431 million from the state-owned lender, LITASco.
The minority claims that this is a breach of the law and expresses doubts as to whether the TEN field would have to produce at least 3.8 m3 of oil per annum to meet the requirements of the LITASco loan agreement.
John Jinapor, a representative of the Mining and Energy Committee (MEEC), informed journalists that, despite Parliament's refusal to approve the loan request until the terms of the agreement had been established, the Presidency has instructed GNPC to request the approval of the Board of Directors without the agreement of Parliament.
The minority side was shocked to learn that the presidency was using force to force the GNPC to go ahead and execute the loan agreement without parliamentary consent, Jinapor said. "This is unconstitutional, illegal and a clear violation of Parliament's directive and resolution," Jinapor added.
The Minority also praised the decision of the Board of Directors of GNPC to oppose the loan agreement. Jinapor asserted that the courageous action of the GNPC board should be commended.
He said it would be a violation of the Constitution if GNPC proceeded with the loan without parliamentary consent.
-By Ofei Kwateng | Mydailyreports24| Accra
