• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Thursday, May 26, 2022
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

ACEP raises alert over GNPC’s $43m CSR budget

Godwin Akweiteh AlloteybyGodwin Akweiteh Allotey
February 20, 2019
Reading Time: 3 mins read
Ben Boakye, Executive Director of ACEP

Ben Boakye, Executive Director of ACEP

ShareShareShareShare

The Africa Centre for Energy Policy (ACEP) is unhappy with plans by the Ghana National Petroleum Corporation (GNPC) to spend about $43 million on Corporate Social Responsibility (CSR) and less on its operational functions.

According to ACEP, GNPC is spending $20 million on its operations in the Voltain Basin which is less than 50% of the amount it is blowing on CSR programmes.

“The Corporation plans to spend US$ 43.05 million on corporate social responsibility for the 2019 operational year.”

ACEP stated that spending that much on corporate social responsibility gives a cause for concern particularly, when it is juxtaposed against GNPC’s “operations expenditure beyond the traditional cash call on the producing fields.”

“In 2019, GNPC proposes to spend $20.3 million on its operations in the Voltaian Basin and its subsidiaries in the sector. This is less than 50% of what GNPC wants to spend on CSR,” the energy policy think tank stated.

ACEP raised the concerns in a detailed analysis of GNPC’s work programme for the 2019 financial year.

ACEP noted that GNPC in recent times has become more popular in delivering development projects rather than its core mandate.

“While GNPC, like any corporate entity, has a responsibility towards society, it is unusual for sound corporate organisations to spend more than 10% of its cash flow (not profit) on corporate social responsibility. The Corporation’s CSR expenditure becomes more profound when its CSR budget is compared with the budget of some critical ministries.”

ACEP in its analysis said the CSR budget of the Corporation represents 2819%, 270%, 240%, 629% of the capital budget of the Ministries of Justice and Attorney General, Energy, Agriculture and Finance respectively.

“In relation to the total budget of the mentioned ministries, GNPC’s CSR budget represents 210%, 254%, 47%, and 65% respectively,” ACEP added.

ACEP in the document sighted by citinewsroom.com urged Parliament not to approve the CSR budget for GNPC.

“Parliament should not approve any CSR budget for the Corporation until the end of the fifteen-year financing window provided in the PRMA has elapsed. This should free up funds for the Corporation to deliver on its core mandate as an upstream oil player,” ACEP recommended.

Turf war at GNPC

GNPC has been in the news in recent times over a seeming turf war between the Chief Executive, Dr. K.K Sarpong and Board Chair, Freddie Blay over the corporation’s procurement functions.

Dr. K. K. Sarpong has been accused of trying to assume the procurement function of the Corporation’s Chief Finance Officer.

But Board Chair of GNPC, Freddie Blay mounted Pressure on Dr. K. K Sarpong, to reverse the decision with immediate effect.

Nana Addo must call K.K. Sarpong, Blay to order – IES

A policy think tank, Institute for Energy Security had also called on President Nana Akufo-Addo to call the Board Chairman and Chief Executive of the Ghana National Petroleum Corporation (GNPC) to order.

The civil society body believes this friction undermines the smooth operations of the national oil company.

The IES Executive Director, Paa Kwasi Anamua-Sakyi who spoke to Citi News, said the troubles at GNPC could affect investment in Ghana and must be resolved as soon as possible.

“It is important that the President who has the power to appoint leading personnel in these functional areas should step in and stop this because it can deter investors and so it is important for the number one gentlemen of the land to make a statement on this and bring these two gentlemen to order,” he added.

Click here for the ACEP’s full analysis on GNPC’s budget:

 

–

By: Godwin Akweiteh Allotey | citinewsroom.com | alloteygodwin@gmail.com | Ghana
Follow @AlloteyGodwin

ShareTweetSendSend
Previous Post

Newspaper headlines: Wednesday, February 20, 2019

Next Post

Krachi East MP’s 155-acre mango farm burnt down

Related Posts

Opinion

Death penalty in Ghana: Woes of 83-year-old Konadu and her 40 years on the death row [Article]

May 26, 2022
Top Stories

Appeal Court dismisses Gyakye Quayson’s request to nullify High Court’s criminal trial

May 26, 2022
Top Stories

Joseph Yamin goes to court to stop NPP’s delegates conference at Ashanti RCC

May 26, 2022
Top Stories

Compensate Owoo family, transform Achimota Forest into Eco-tourism park – Kojo Bonsu

May 26, 2022
Slider

Supreme Court gives AG 14 days to file statement on e-levy suit

May 26, 2022
General

Lincoln Community School commissions new ultra-modern building

May 26, 2022
Next Post

Krachi East MP's 155-acre mango farm burnt down

TOP STORIES

‘Parliament has no money to function’ – Bagbin fumes

May 26, 2022

Appeal Court dismisses Gyakye Quayson’s request to nullify High Court’s criminal trial

May 26, 2022

1st female Ghana Navy Commanding Officer sails to Nigeria for Maritime exercise

May 26, 2022
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT