Alex Mould hot over ‘careless’ investments with GNPC cash

Reports reaching atinkafmonline.com desk points to the fact that the Acting Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC)- Alex Mould- is on his way out of the corporation following allegations that he has gone out of the mandate of the Corporation to undertake investments which are not the core business of the Corporation.ghanapoliticsonline.com

This follows petitions sent to President John Mahama demanding the removal of the acting CEO of GNPC, consequent of which meetings have been held at the Presidency to decide on the fate of Alex Mould.

Sources within the government say a decision was taken after a Member of the Board had agreed with the concerned staff of GNPC and consequently went to see the President over some of the issues raised in the petitions.

The concerned GNPC staff claims Mr. Alex Mould has over exposed the financial situation of GNPC by providing guarantees for major projects such as the 225 MW KarPower Barge and the contracting of Quantum Power to provide a regasification plant on the east of Tema.

GNPC in 2015 provided a hundred million dollar (US$100 million) guarantee to the owners of the KarPower barge in an effort to help solve the power generation shortfall that the country was experiencing.

Few months after that big step, Alex Mould was in the news again for agreeing to pump five hundred and fifty million (US$550 m) into the construction and operation of the liquefied natural gas (LNG) storage, regasification and delivery facilities.

These and some other structural changes being undertaken at GNPC are said to have necessitated the protest letters sent to the Flagstaff House to demand the removal of the CEO.

Mr. Alex Mould is currently credited for the successful development of the over Ghc7 billion Gye-Nyame Sankofa gas field project, the take-off of the Tweneboah-Enyan-Nton (TEN) oil fields, the Hess Oil fields off cape-three-points and other such major projects. His political opponents are criticising him of the same over-exposure of GNPC.

The strategic and transformational investments will see GNPC play an effective role in the oil and gas industry, and become a ‘gas aggregator’.

Mandate of GNPC

GNPC’s mandate under PNDC Law 64 of 1983, (now PNDC Act 64) is to undertake the exploration, development, production and disposal of petroleum. Among the objectives of the Corporation are:

1. To promote the exploration and the orderly and planned development of the petroleum resources of Ghana.

2. To ensure that Ghana obtains the greatest possible benefits from the development of its petroleum resources.

3. To obtain the effective transfer to Ghana of appropriate technology relating to petroleum operations

4. To ensure the training of citizens of Ghana and the development of national capabilities in all aspects of petroleum operations.

5. To ensure that petroleum operations are conducted in such a manner as to prevent adverse effects on the environment, resources and people of Ghana. By:atinkafmonline