Confusion Over Ghana Gas Takeover

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Created on Friday, 12 December 2014 00:00

Confusion Over Ghana Gas Takeover

12 December 2014

Dr. Kwesi Botchwey, Board Chairman of Ghana National Gas Company (GNGC), has announced that media reports that the takeover of the Ghana National Gas Company (GNGC) has been concluded are not true.

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This comes in the wake of a press statement issued Wednesday by the Energy Ministry recently in Accra which noted that Government has executed the legal instrument that assigned its entire shareholding in GNGC to GNPC.

Signed by Edward Bawa, PRO at the Energy Ministry, the release noted that GNPC was now the sole shareholder of GNGC, adding it has full control over GNGC.

But Dr Botchwey pointed out that even though the Board of GNGC was aware of government intention, through its announcement in the Budget & Financial Estimates of 2015, to transfer its ownership of Ghana Gas to the GNPC, as a limited liability company, the Board has not passed any resolution nor filed the necessary papers to effect the change in ownership.

“Statements suggesting that the takeover has been concluded are, therefore, surprising and premature.

The Board & management of Ghana Gas have not held a single meeting with the Transaction Advisor (who a statement from the Minister for Finance said has been appointed), neither has the Transaction Advisor requested the company to provide it with any information. It cannot therefore be said that the process has been undertaken and concluded.

“We are also yet to receive any written indications from either the Minister for Finance or Minister for Energy on the takeover decision and the way forward as the company prepares to meet the Transaction Advisor.

The Board of Ghana Gas wishes to urge all stakeholders to allow the appointed Transaction Advisor to undertake its assigned task before arriving at any conclusions.”

Government on December 3, 2014, appointed PricewaterhouseCoopers (PWC) Ghana Limited as Transaction Advisor with respect to the GNGC takeover.

Source: Daily Guide