You are here: HomeNewsPolitics2018 09 07Article 683152

Times are hard - Gabby Otchere-Darko

Comment: GNPC crude oil trading saga.

Author:
Kofi Ofori
Date:
2018-09-07 16:54:24
Comment to:
Times are hard - Gabby Otchere-Darko


In which commercial transaction does the buyer have the option of choosing the price it wants to pay for a commodity? In any arms length, fair and honest commercial transaction, the seller dictates the price and almost invariably offers the price that would ensure them the best margins. The buyer never determines the price it is willing to pay. It is disingenuous to attempt to explain the obvious unorthodox approach GNPC is engaged in by saying it is complex and involves other transactions. There is nothing complex about crude oil trading as the indexes are in the public domain and one's pricing should not vary too greatly from the published prices. Brent and WTI prices are published daily. And how can you tie in your pricing to other unrelated transactions? Even if certain exigencies dictate that you do so, you still do not give the buyer the right to determine how much to pay for the commodity. I am certain there are even worse egregious malfeasance than this if we dig deeper. Isn't this KK the same fella who engaged in self dealing by acquiring at an inflated price real estate for GNPC from an outfit he used to be an officer of and came out with some nonsensical rationalization of his action? I guess he takes as fools who would buy into any unscrupulous shenanigans he engages in. Amidu, where are you? Have you also been co-opted by the system? That would be very disappointing. Nana, please indulge me get rid of this KK guy or he would drag you in the mud with him. He is an incorrigible corrupt fella.

This article is closed for comments.

09-07 16:53
 
 
 
GNPC crude oil trading saga.
Kofi Ofori
09-07 16:54