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GNPC issues $50m guarantee for power barges

GNPC issues $50m guarantee for power barges

The Ghana National Petroleum Corporation (GNPC) has issued half of the $100 million guarantee required to provide financial security for two emergency power barges to be dispatched from Turkey to the country next month.

Documents on the remaining $50 million are being processed with a local bank and should be completed in the next few weeks, the Chief Executive Officer (CEO) of the corporation, Mr Alex Mould, told the Daily Graphic in an interview.

The $100-million guarantee for the emergency barges, expected to generate and add 450 megawatts (MW) of power to the national grid, is needed to serve as insurance against possible default in payment by the country.

Its issuance is, therefore, key to the successful shipment of the barges by KarPower of Turkey to Ghana.

While contradicting recent concerns expressed by the public that the GNPC had been unable to provide the necessary guarantee to allow for the barges to be brought in, Mr Mould said the firs

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