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Business News of Tuesday, 31 August 2021


You are misguided, seek clarity on Aker deal – GNPC boss to CSOs

The Ghana National Petroleum Corporation (GNPC) The Ghana National Petroleum Corporation (GNPC)

• GNPC hopes to acquire stakes in Aker Energy and AGM Petroleum Ghana oil blocs

• Some CSOs say because of economic reasons, parliament should stop the deal

• GNPC boss, Kofi Koduah Sarpong, says these groups are misguided and ill-informed on the issues

Dr. Kofi Koduah Sarpong, the Chief Executive Officer of the Ghana National Petroleum Corporation has expressed disappointment in what he says have been some Civil Society Organizations (CSOs) badmouthing of their proposed Aker Energy and AGM oil deals.

In a report by, the GNPC boss explained that rather than seeking the right answers on the agreement, they have resorted to making unpalatable comments about it.

He explained that these comments seek to disrupt the processes involved in getting this contract sealed.

Following the announcement by the GNPC that it wants to acquire stakes in Aker Energy and AGM Petroleum Ghana oil blocs, some 15 CSOs working in the extractive industry, have gone on to petition parliament to put a stop to the deal.

The CSOs gave their reasons for this move as economic and fiscal misfortunes in the country.

This is something the GNPC disagrees with, as expressed by its CEO, Dr. Kofi Koduah Sarpong.

He believes that these groups are acting as such because they have been misguided and that their concerns are as a result of the lack of the facts and the real-time information with regards this deal.

“When this conversation started, people made wild comments. My style is not to respond to rabble-rousers. I do not do that. I have better things to respond to. Some of the CSOs have spoken to us. But they are divided, and it’s a mockery,” he said.

He also explained that some of these people are doing the biding of their paymasters, who only want to destroy the GNPC.

“Some are hired by other people just to destroy what we want to do. But the discerning ones among them have been to us. The good book tells us to ask, seek and knock [and you shall find]. They are not doing it, but set their own questions and provide their own answers. It is very unfair to professionals like us”, he explained.

Dr. Sarpong has also assured that, for all those having fears over pricing, they should not be worried because a finalization in that regard is yet to be made.

“We are not buying the two blocs at US$ 1.3 billion. We have not said so. What the Minister requested was the mandate that he can go and negotiate within that limit. But parliament after consideration said it will give a limit of US$ 1.1 billion for acquisition. Even that is not conclusive; maybe they can beat it and see if people will play ball.

“That perception that a price has been determined is erroneous. If you bring two experts to value the two blocs, I will be very surprised that you will get the same figure. Unless their assumptions are the same. I engaged Lambert. Some can engage Bank of America, HSBC but the question is what are the assumptions underlying these valuations? These evaluations are to help us get the acquisition price,” he explained.

GNPC is expected to possess significant stakes in the offshore oil blocs when it is completed.

Also, the deal will see to it that Ghana’s shares in Aker Energy increases to 47% while that in AGM blocs goes up to 85%.