GNPC boss defends ‘numerous’ projects

The CEO of the Ghana National Petroleum Corporation (GNPC) Alex Mould, has hit back at critics who have called for his dismissal for signing onto DEALS which will hurt the finances of the company.
“I can assure you that I have the total support of my management team, staff and the Board as to whatever I am doing. Everything that we are doing has the Board’s approval; I cannot execute anything without the Board’s approval so I do have the backing of my Board in everything I am doing, and it is the direction and its part of our strategy,” he explained.
Mr. Mould added, “This is an integrate part of our strategy to become an enabler in the various sectors that we are playing in to ensure that the whole value chain becomes sustainable otherwise GNPC will be losing revenues.”
GNPC is currently involved in a number of major DEALS which critics say are out of the company’s core business and will only expose its financial situation.
The company is currently providing guarantee for major projects such as the 225 MW KarPower Barge and the Quantum Power regasification plant in Tema.
The company last year provided a hundred million dollar guarantee to the owners of the KarPower barge, in an effort to help solve the power generation shortfall that the country was experiencing.
The move has however led to some workers of the company and some industry players petition the President, John Mahama to fire the GNPC boss over his decision to sign onto the DEALS.
But speaking to the Citi Breakfast Show host Bernard Avle, the CEO of GNPC Alex Mould justified his decision to invest in those projects.
“The bottom line is the GNPC has to dispose of its gas; GNPC has to ensure that the value chain that is going to ensure that we get paid is a value chain that is working and sustainable, currently it is not. So the GNPC has to be involved in ensuring that happens otherwise for sure, we will not be paid for our gas,” he stated.
The GNPC boss further stated, “So that is why the GNPC is involved in the power sector, because we are going to be the largest revenue in the power sector in the fuel supply. If you look at how much money will be collected, GNPC will be collecting from the IPP’s more than fifty percent because we will be supplying gas to everybody.”
Alex Mould also could not come to terms with assertions that his outfit is losing revenues following declining global oil market prices.
“The revenue projection is reduced and that does not mean we are losing revenues…we are not getting enough revenues as we are expected to,” he said.