Stakeholders urge GNPC to be more transparent with crude oil trade

Stakeholders urge GNPC to be more transparent with crude oil trade
Source: Ghana | Fred Duhoe
Date: 24-05-2019 Time: 10:05:47:am
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The Ghana National Petroleum Corporation (GNPC) has been urged by its stakeholders to be more transparent in pricing and marketing of crude oil and gas. 

Participants in a forum organized by the Public Interest and Accountability Committee (PIAC) and GNPC, say there is very little information readily available to them before, during and after the final lifting of crude oil. 

The forum set the stage for participants in the oil and gas sector to share ideas and suggest best practices in pricing and marketing Ghana’s crude oil. 

The chairman of PIAC, Steve Manteaw stated that the forum afforded “stakeholders the opportunity to question GNPC to explain what they do and why they do what they do to achieve higher value for this country”. I support much more transparency in the pricing and marketing than imposing certain bureaucracy in taking decision by a committee before we set our price options”. 

“My major concern has to do with the tendency to contaminate the whole crude oil trade with other economic transactions that have made an impact on the achieved price” he added. 

Mr Manteaw hinted that PIAC has developed a policy brief and shared with the government on how different things can be done for the country to accrue the necessary benefit. 

He said almost all partners in the industry have been consistently reporting positive outcome over the years from hedging. “The time has come to seek the expertise from our partners to support us so we do same and get better returns. 

A representative from the Ghana Oil and Gas for Inclusive Growth (GOGIG) Samuel Bekoe advised the GNPC to make its website updated with relevant information for the public to access.


“The transparency of GNPC must be seen through the sharing of information on their website in a timely and updated manner for all to at all times know what GNPC is doing”.
 


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