Top petro-chemist alleges: GNPC is mismanaged

Posted: April 28, 2011 in Economic Reporting
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At a time when Ghanaians are eagerly looking up to the Ghana National Petroleum Corporation (GNPC) to turn around the fortunes of the country with its new found oil and gas in commercial quantities, The Chronicle can report that all may not be well with the state-owned corporation.The corporation has been hard-hit by the exit of one of the country’s top Petro-Chemists from the GNPC Board, citing mis-management by officials of the corporation.

Dr. Kwaku Temeng is reported to have vacated his post as a director of the GNPC, alleging that there were some under-hand dealings ongoing at the state-owned corporation, which infringes on best corporate practices.

However, officials of the GNPC, when contacted, said Dr. Temeng’s resignation was news to them, since there was no proof to that effect. The allegation of mal-administration was unfounded.

The Petro-Chemist, according to The Chronicle’s sources, had hinted of a possible resignation as a director at one of the Board’s meetings, citing alleged mismanagement by officials of the corporation.

His announcement, The Chronicle learnt, came to the directors as a surprise, as little did they know that it would happen so quickly.

Dr. Temeng is reported to have submitted his resignation letter to the Board Chairman, and immediately embarked on his travel plans abroad. However, the Board was reported to have turned down his resignation, and is looking forward for his return.

Dr. Temeng is currently, residing in the United States of America, a confidante revealed to The Chronicle.

When contacted about the exit of one of the best Petro-Chemical brains in the country from the board, the initial reaction was that the rumoured resignation could not have taken place.

They argued that there was no iota of truth in Dr. Temeng’s reason for resigning.

“Dr. Temeng did indicate at a Board meeting that he was considering resigning. Now, as to whether he has resigned or not, I don’t know because, firstly, you know the appointing authority is the President, so by guessing, he has to resign formally.

He has to submit his resignation letter to the President. I am not aware or… I haven’t heard that a letter of such nature has been received or not,” said Nana Boakye Asafu-Adjaye, Chief Executive of the GNPC, in an exclusive interview with The Chronicle.

“From my point of view, the allegation that he was resigning because the corporation was being mismanaged – that was not the reason that he gave. These are confidential matters, and I can tell you that was not the reason that he gave.”

Nana Asafu-Adjaye said following Dr. Temeng’s indication of a possible resignation, the Board had never met, and so it was very difficult for him to confirm or deny his exit. He hinted of a Board meeting in a week’s time, when the issue would be put to rest.

The GNPC is the state corporation in charge of managing Ghana’s potential huge oil and gas reserves.

Last March, the corporation lifted Ghana’s first share of oil from the FPSO Kwame Nkrumah, the floating vessel storing oil off Cape Three Points, and realised $112 million. The corporation is expected to lift the second consignment of oil on behalf of the state in May.

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