GNPC risks collapsing after 2026 over $1bn debt – PIAC warns

The survival of the Ghana National Petroleum Corporation (GNPC) could come under threat as the government’s indebtedness to the Corporation continues to pile up.

This was captured in a report by the Public Interest and Accountability Committee (PIAC) titled, “The Role of GNPC in the upstream petroleum industry: challenges and Prospects.

PIAC is warning that GNPC risks collapse after 2026 when it ceases to receive funding from the Petroleum Holding Fund.

This means that after 2026, GNPC will no longer receive funding from the PHF

Given the challenges that confront the Corporation, it may not be able to survive without government support if the enactment is implemented”, PIAC said.

To address these challenges and ensure the sustainability of GNPC, PIAC recommends several measures.

Firstly, PIAC wants GNPC to commit more funds to its mandate and development by desisting from making payments in favour of the government and its agencies whilst calling for urgent action to retrieve funds owed to the Corporation.