You are here: HomeNews2019 11 06Article 796625

Business News of Wednesday, 6 November 2019

Source: citinewsroom.com

GNPC departing from its CSR strategy - Policy think tank

The Institute of Energy Security (IES) has said the Ghana National Petroleum Corporation (GNPC) is deviating from its corporate social responsibility strategy with the provision of funds to support the activities of quasi-state institutions among other stakeholders.

GNPC, the state agency responsible for the exploration, licensing, and distribution of petroleum-related activities last month approved some funds in excess of GHS¢2 million to be given to the Economic and Organised Crime Organisation (EOCO), Rebecca Akufo-Addo Foundation among others.

But commenting on the funds’ disbursement to these institutions, Executive Director of IES, Paa Kwasi Anamuah Sakyi said there is a worrying drift from the strategic path GNPC set for itself and pursued over the years as an anchor of its Corporate Social Responsibility (CSR).

GNPC through its CSR Foundation has advertised its priority areas as health, education, and sports development with the aim of establishing GNPC as an admired brand.

The energy policy think tank in a statement said it finds the Foundation’s recent decisions curious and wishes to understand the factors that are influencing the inclusion of cultural and investigative related issues in the company’s CSR activities.

“The Board must help clarify and justify the changes to the goalposts, knowing very well that some elements in its approvals are at odds with their own CSR policies.

l If the government has any commitment to any State or Stool, it must not use the GNPC to prosecute that agenda. The GNPC must be seen to be independent when it comes to issues like CSRs than to be used as a funding source for government’s initiatives and mandates,” the policy think tank said.

According to the statement, the Economic and Organized Crime Office (EOCO) mandated to monitor and investigate economic and organized crime, is expected to hold institutions like the GNPC accountable and thus must not allow itself to be compromised in any form or shape.

“It is important to note that CSR and conflict of interest are not bedfellows. GNPC’s corporate pursuit of social goals must be pursued with ethical considerations."

"The Board must, therefore, ensure that the corporation takes up initiatives that protect its reputation, and position the “Brand GNPC” to become the Operator Ghanaians so much desire. The GNPC Board must differentiate good (sustainable) from bad (short-term) self-interest in order to stress the genuineness of their approvals given to cultural and investigative issues,” the statement concluded.