"AG's approval of GNPC loan not an excuse to ignore Parliament"

Ace journalist, Kweku Baako, has advised the management of the Ghana National Petroleum Commission to tread cautiously with their decision to go for a loan on the international market without parliamentary approval.

According to him, the controversy surrounding the loan does not bode well for the integrity of the organisation.

The state-owned corporation is going for a $700-million loan facility from the Deutsche Bank and Trafigura.

GNPC has been accused of seeking the loan on the blind side of Parliament.

However, in a statement issued in Accra Monday, the GNPC said the amount would be used to support its increasing oil and gas infrastructure investment and cash requirements from its participating and commercial interests.

GNPC CEO Alex Mould told the media Tuesday that the Attorney General advised the corporation that it did not need to go to Parliament to seek approval for the loan.

Speaking on Peace FM, Wednesday, Baako said the GNPC should have avoided the controversies by going for a parliamentary approval.

He said the excuse that the loan was sanctioned by the Attorney General cannot insulate the Commission from any wrongdoing, should the matter end up in court.