Forensic Audit of GNPC begins this week

Government will this week appoint an accounting firm to undertake a forensic audit of the Ghana National Petroleum Corporation (GNPC) to ascertain its current state and financial standing.

The forensic audit promised in this year's budget is also meant to establish whether GNPC did engage in any financial malpractice in its investments and operations, much of which has been described as "non-core activity."

GNPC was established in 1983 under PNDC Law 64 to undertake exploration, production and development of petroleum and had the exclusive right for the exploration, development and production of petroleum in Ghana.

Energy Minister, Albert Kan-Dapaah MP, speaking in Accra, did not mention which firm would handle the financial audit. "It is hoped that an accounting firm will be appointed within the next few days to undertake that forensic audit," he said.

"Most of these investments did not yield the financial benefits that were contemplated. Furthermore, by concentrating on all these non-core activities, GNPC did not sufficiently focus on its primary objective of finding hydrocarbons in Ghana", the Minister said.

The activities of GNPC resulted in the establishment of subsidiary companies such as the Ada Songhor Salt Limited, Energy Products Limited, Connexat Limited, Prestea Sankofa Gold Limited, Western TeleSystems, Valley Limited and Globaltouch Holdings Incorporated.