The Auditor-General, Daniel Yao Domelevo, has discovered $3.4b 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 $220 million was outstanding.
Of the total amount, $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 was 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 $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.
Latest Stories
-
YAWC Network Ghana chapter holds National summit in Accra
7 mins -
Memories of a Baby Univers
18 mins -
Akufo-Addo calls for peaceful elections, says politics shouldn’t divide us
33 mins -
Yinson, West African Rescue Association and Ahanta West Municipality tackle malaria
42 mins -
NHIA releases over GHS170m to settle healthcare providers
1 hour -
GFA will continue to support clubs in Africa – Kurt Okraku promises
1 hour -
Oheneyere Mrs. Helen Opong-Kesse
1 hour -
University of Ghana Stadium to host WAFU B U-17 Cup of Nations
1 hour -
Support us to demand better conditions of service – TEWU OF TUC tells members
2 hours -
CAFCC: Dreams FC holds dinner to honour players for reaching the semi-finals
2 hours -
200 students selected for KNUST e-learning ambassador training
2 hours -
KNUST gets its first virtual reality studios to boost teaching and learning
2 hours -
Don’t short-change labour under the guise of global economic recession – ICU-Ghana to government
2 hours -
We must guard against employers who want to short change us – ICU tells members
2 hours -
Dreams FC proved Ghanaian clubs can win CAF inter-club trophies – Ameenu Shardow
2 hours