PIAC raises red flag on $ 3.8 million GNPC cash to settle dispute over maritime boundary

The Public Interest and Liability Committee (PIAC) raises the red flag on a government decision to use $ 3.8 million in funds from the Ghana National Petroleum Corporation, GNPC, to cover litigation costs. the dispute over the maritime boundary between Ghana and Côte D & # 39; Ivory.

According to PIAC, the cost of the entire conflict must be financed by the government because the company is only an institution and a stakeholder in the sector.

The GNPC indicated in PIAC's 2017 Annual Report that it spent approximately $ 3.8 million on legal fees, secretarial and other expenses during litigation before the International Tribunal for the Law of the Sea. (ITLOS) in The Hague.

The decision of the International Tribunal for the Law of the Sea (ITLOS) concerning the dispute over the Ghana-Côte d'Ivoire maritime boundary was issued on 23 September 2017 and was favorable to Ghana.

This has reduced the risks badociated with the uncertainty of the region and has led to intensification of exploration by upstream oil companies in the previously disputed area.

The decision also paved the way for Hess to resume its pre-development activities.

Dr. Steve Manteaw, president of PIAC, in an interview with members of the Institute of Financial and Economic Journalists, called for an investigation and urgent measures to repay the money to the GNPC.

"It is not normal for an institution's funds to be used to finance disputes between two countries; it's very wrong, "said Dr. Manteaw.

"The ITLOS dispute was about two sovereign states and not between a sovereign state and a national oil company. For this reason, the mistake was to use GNPC's resources to pay the cost of litigation. The $ 3.8 million spent by GNPC on the dispute should therefore be paid back to GNPC, "he added.

Dr. Manteaw also added about the Keta Basin: "PIAC has taken note of the negative statements of the Togolese authorities regarding its maritime border with Ghana regarding the East Keta Ultra Deep Block and urges the Government to take urgent measures to demarcate the maritime boundary of Ghana. with Togo. "