Business News of Friday, 22 November 2024
Source: www.ghanawebbers.com
Gabby Otchere-Darko has sparked controversy by defending Springfield, a Ghanaian oil company, against investigative scrutiny by The Herald. He criticized the publication for allegedly targeting Springfield unfairly, arguing that indigenous companies should not face the same scrutiny as foreign oil operators.
However, The Herald raised serious concerns about Springfield's operations, including escalating costs, potential conflicts of interest, and regulatory lapses.
The appraisal program, initially budgeted at $50 million, has reportedly surpassed $60 million, with allegations of cost inflation benefiting Springfield’s third-party service provider, which it allegedly owns. This raises accountability concerns, especially for GNPC, a national stakeholder.
Additionally, Springfield’s failure to provide required operational updates and bypassing safety protocols for journalists visiting rigs highlight systemic regulatory shortcomings.
Critics question the Petroleum Commission’s oversight, noting connections between Springfield and influential figures like Otchere-Darko. This perceived leniency risks undermining transparency, regulatory integrity, and public trust in Ghana’s oil sector.
While supporting local companies is important, many argue it should not come at the expense of accountability and national interest.