The management of Ghana National Gas Limited has refuted allegations of misconduct regarding recent modifications to its insurance arrangements, asserting that all procedures were executed in accordance with the law.
In a statement released on Monday, April 13, the company’s Head of Corporate Affairs, Richard Ernest Kirk-Mensah, dismissed the accusations.
“The Company wishes to categorically assure the general public that no wrongdoing has occurred.
“The new insurance arrangements are entirely lawful and represent an enhanced risk management strategy to safeguard the Company’s assets,” he said.
This response comes in light of media reports that questioned the conditions under which the company shifted from its previous lead insurer to a new provider.
Although the statement did not reveal the names of the firms involved, management clarified that the transition took place following the “routine expiration” of existing contracts at the end of the year.
According to the company, all procurement processes related to the new arrangements received the necessary approvals. It indicated that the contracts were authorised by the Public Procurement Authority (PPA) and backed by commitment authorisations from the Ministry of Finance.
Mr. Kirk-Mensah reiterated the company’s dedication to transparency and accountability, emphasising that, as is customary for any robust organisation, it will persist in reviewing and enhancing its internal processes as needed to ensure compliance and effective risk management.
This issue arises at a time when procurement activities within Ghana’s energy sector are drawing increased public scrutiny, with stakeholders demanding greater accountability from state-owned entities.
Ghana Gas, a significant participant in the country’s energy value chain, is tasked with processing and transporting natural gas for power generation and industrial applications.
Despite the concerns raised, the company asserts that its operations continue to progress as planned.
The company further assured the public that it is fully focused on delivering gas in a timely and efficient manner to ensure the nation’s energy needs are consistently met.
Although no timeline has been outlined for any independent review of the matter, the Board has reaffirmed its commitment to stakeholders and pledged to uphold high standards of corporate governance.
Find the full statement below
