One of the three Members of Parliament challenging the powers of the Ghana National Petroleum Corporation (GNPC) to access over $700 million loan has hinted they may head to the Supreme Court to seek interpretation on whether the statutory institution can access the loan without Parliamentary approval.

The attempt by Atta Akyea, Mathew Opoku Prempeh and Anthony Akoto Osei to seek interlocutory injunction to stop the GNPC from going ahead to secure the loan was thrown out by the High Court.

Abuakwa South MP Atta Akyea said the Supreme Court will waste no time in setting aside the "dangerous precedent" set by the High Court.

Speaking on Joy FM's Newsfile programme, Saturday, the litigant said if "almighty Mahama and his government" are mandated by law to seek approval from Parliament before accessing loans or disbursing funds, "a little soul in the realm of Ghana called GNPC" cannot be given an unfettered right to borrow without any approval by Parliament.

The judge in her ruling said  "It seems to me that the Respondent herein is in an identical situation as the GPHA was in the Klomega case. ...the Applicants have failed to establish a prima facie case or that they will suffer any injury on the balance of convenience if this application is not granted. ...GNPC is not "Government" according to the Supreme Court. For this reason it seems to me that there is no breach of law as alleged by the Applicants." KLOMEGA applied rightly or otherwise here and I dare say the substantive case is over."

But the MP was convinced the decision by the judge to dismiss their application was not just a travesty of justice, but also a weird interpretation of the law.

According to him, the sitting judge demonstrated a certain level of confusion when she compared the GNPC case to that of GHAPOHA.

GHAPOHA was sued at the Supreme Court when it went into some international transaction without Parliamentary approval.

Atta Akyea said it is wrong for the judge to compare a case of a statutory institution entering into an international transaction to that of one accessing a loan without Parliamentary approval.

He feared if that dangerous precedent is allowed to  stand other statutory institutions will be given the license to borrow without Parliamentary  approval.

Describing the ruling as "illogical and inconsistent," the MP said no statutory body should covert powers it does not have.