The Ghana Gas Company would operate as a subsidiary of Ghana National Petroleum Corporation (GNPC) despite completion of its takeover, Joy Business has gathered.

According to the Energy Ministry, the takeover was completed yesterday after government transferred its shares in GNPC to the Ghana National Gas company. Joy Business’ George Wiafe reports.

Joy Business gathers that Dr. Sipa Yankey would still maintain his position as Chief Executive of the Ghana Gas company.

However, Joy Business gathers that the current board which is chaired by Dr. Kwesi Botchwey is likely to be reconstituted.

The board’s orders would soon be restricted until new members are appointed onto the board, the source said. GNPC will be responsible for the direction and strategy of Ghana Gas Company, it added.

According to persons close to the takeover deal, all the staff at Ghana Gas have been assured of their jobs. 

Some documents cited by Joy Business also show government pushed for the takeover because it wanted to lower transaction costs so that the two entities will no longer have to engage in separate contract negotiations, while fast-tracking the national decisions on the sector. 

GNPC is expected to invest more in Ghana Gas Company to enable it carry on with the core business of processing and transportation of gas.

Meanwhile a statement issued by Board Chairman of the Ghana National Gas Company, Dr. Kwesi Botchwey said suggestions that the takeover is concluded are incorrect.