The Auditor-General, Daniel Yao Domelevo, has discovered $3.4b in unpaid penalties relating to the Petroleum Holding Fund.
The latest report on the management of petroleum funds for the year ending December 2017, found that a total amount of $220 million was outstanding.
Of the total amount, $219 million represents amounts due from the Ghana National Gas Company Limited for gas sold to them by the Ghana National Petroleum Corporation (GNPC).
There was an additional US$1 million surface rental fees unpaid by various entities.
The estimated amount of penalties based for such delayed or nonpayment amounted to $3.4 billion.
The Auditor-General observed that there is a loss of income which would have been earned if the funds had been paid on time and invested.
He recommended that monies due to the Petroleum Funds should be promptly collected. Any late payments should attract interest as stipulated by law.
Management in its response said that the Ghana National Gas Company Limited failed to pay the amount owed Ghana National Petroleum Corporation because the Volta River Authority (VRA) had defaulted in paying Ghana National Gas Company for gas supplied to them for the running of the thermal plants.
It said regarding the unpaid surface rental fees, Ghana Revenue Authority has been informed of the situation and Bank of Ghana was awaiting its response.
Latest Stories
-
Akufo-Addo commissions 97-km Tema-Mpakadan railway line
15 mins -
Majority requests recall of Parliament
31 mins -
Kanzlsperger and Professor Quartey support WAFA with medical Donation
32 mins -
Gideon Boako donates 10 industrial sewing machines to Yamfo Technical Institute
50 mins -
‘Golden Boy’ Abdul Karim Razak honored at WAFU-B general assembly
1 hour -
Buipewura Jinapor secures Vice Presidential position in National House of Chiefs with record votes
1 hour -
2024 election: I want results to come out like ‘milk and honey’ – Toobu
1 hour -
Ghana’s Henry Bukari hands over chairmanship of ECOWAS Brown Card Council of Bureaux
1 hour -
Residents of Dome-Kwabenya on edge ahead of December elections
2 hours -
Moffy drops new single ‘Wo’, blending culture and modernity
2 hours -
Don’t bring soldiers to polling stations – Martin Kpebu
2 hours -
Ogyeahohuo Yaw Gyebi II retained as President of National House of Chiefs
3 hours -
Embrace ICT to fit in digital world – Ho NYA boss to youth
3 hours -
We don’t want armed soldiers at polling stations – Tanko-Computer
3 hours -
Drama as police corner armed robbers inside locked forex bureau at Lapaz
3 hours