GNPC could have managed this much better-Alex Mould

The former Chief Executive Officer of Ghana National Petroleum Corporation Alex Mould has posted in his Facebook account that the GNPC could have managed the current happening better by informing the select committee of Parliament.

Below are the full details:

I think GNPC could have managed this much better by informing the select committee of Parliament after the purchase was done in October exactly what the process was for the acquisition of the 7% from the Oxy sale of remaining Anardarko Africa-assets:

– To make its bankruptcy removed from the remaining Anadarko African assets sold to Kosmos; and

-How GNPC via Explorco intended taking over that SPV in Cayman Island set up by Oxy

Secondly, they could’ve been very clear to Parliament about how they intended financing Explorco;

– If government of Ghana was lending the money to Explorco then it will fall under the PRMA

– If Explorco was raising the money through Notes sold to investors in the Capital markets , whom could include Ghana government, then my understanding is that it would not be governed by the PRMA

All this could have been done by GNPC as soon as the transaction closed in October.

It’s been 3months with no information shared

All acquisitions are clear on which entity is buying and which is selling, and how the acquisition is being funded
It was very clear from Kosmos
It is not too clear in GNPC’s case
Kosmos came out within a few days
It’s been 3 months