April 27, 2023

Finance Ministry maintains offsetting $50 million debt with non-capped funds – PIAC

The Public Interest and Accountability Committee (PIAC) says the Ministry of Finance claimed it was no longer indebted to the Ghana National Petroleum Corporation (GNPC) as it had agreed to write off a US$50 million advance owed the corporation.

The US$50million was advanced to the Ministry of Finance for the construction of Western Corridor roads in the Atuabo Gas Processing Plant enclave in 2014 and was expected to have been repaid in three months.

According to PIAC, the Ministry had explained that it had deliberately not capped earmarked funds to the corporation and so did not retain GNPC’s flows since the passing of the Earmarked Funds Capping and Realignment Act, 2017 (Act 947) which empowered the Finance Minister to cap all earmarked funds at 25 per cent.

These developments were highlighted in the 2022 PIAC annual report on the Management and Use of Petroleum Revenue in the country.

The committee in its reports over the years has raised concerns over the way the corporation was used of to finance quasi-fiscal expenditures.

This includes the continuous funding of the Western Corridor Gas Enclave Roads since 2014 which as of 2022 stood at US$124.66 million.

The report noted that in 2021 for example, GNPC could not realise its budgeted revenue from loans and guarantees amounting to US$126.68 million out of an accumulated total of US$318.09 million owed the Corporation by Government and its agencies since 2011.

In 2022, the Corporation budgeted to receive at least US$183.47 million out of a total amount of the US$316.38 million, excluding Karpower guarantee, and gas indebtedness owed it by Government of Ghana and its Agencies.

As at the end of 2022, however, a total amount of US$192,558,295.34 was recovered with an amount of US$36,534,424 recovered from the ECG HFO Commitment (Litasco) in 2022.

PIAC has therefore called on GNPC to double up efforts at recovering loans to Government and its agencies to ensure that the Corporation’s work programme did not suffer from non -implementation.

‘For now, GNPC should discontinue granting loans and guarantees until significant recoveries are made with respect to outstanding loans and guarantees owed the Corporation’ the committee recommended.

Source: Ghana News Agency

April 27, 2023

Victoria United: Regular payment of players, stabilizing factor for team, president says

Elite Two club Victoria United, will play in the first division next season, following their first-place finish in the 2022/2023 campaign.

Valentine Nkwain, the club president, has said besides hard work, the regular payment of players’ salaries hugely accounts for the cohesion that exists within the team.

“I grew up knowing that when people are working hard, they must be well paid.”

“The Federation asked us to pay 75,000 FCFA, but none of my players is earning 75,000 FCFA. The least of my players is earning 100,000 FCFA and up to 350,000 FCFA” the president revealed.

“I don’t fail. My policy is people must be paid. There is no debt. No arriers of salary, no arriers of match bonuses” he pointed out.

The players as well as the technical staff hold the president in high esteem: “We thank our president, he is our first secret, because he has put a lot at our disposal…We have a professional team, the salary for the players is regular, everything is there, the necessary accampaniment is there” Guy Bertin Kamguia, the head coach indicated.

By qualifying for the Elite One championship, Victoria United end the 10-year absence of teams from the South West region.

Source: Cameroon News Agency

April 27, 2023

Angola Vice President visits projects in Huíla

Angola’s Vice President of the Republic Esperança da Costa will visit Friday (28) different social projects under construction and learn of their execution level in southern Huila province.

The visit takes place on the sidelines of the IX Meeting of Environment Ministers of the Community of the Portuguese Speaking Countries (CPLP).

The event addresses various issues, with stress to the presentation of the proposal entitled “Climate Heritage of Humanity”, “Concert process for the possible legal recognition of “Stable Climate” at the United Nations, as a global common good”.

The event will also feature the speeches to be delivered by Member States on “Environmental Emergency, Challenges and Opportunities”, among others.

In a press note released by the Government of Huíla – the venue of the event – the Vice-President of the Republic, Esperança da Costa, will travel in the afternoon to the municipality of Chibia, located 43 kilometers from the province’s Lubango.

Saturday agenda of Vice President of the Republic covers visit to the Faculty of Medicine, which marks 14 years of existence.

Esperança da Costa, who is being accompanied by Secretary of State for Higher Education, Eugénio da Silva, and the Dean of the Faculty, Ana Gerardo, will hold a brief courtesy meeting with the Board of Directors of that higher education institution.

Esperança da Costa is also expected to visit the Central Hospital of Lubango before returning to Luanda on Saturday afternoon.

Source: Angola Press News Agency (APNA)