01-09-09 A forensic audit conducted by the Ministry of Energy has led to the discovery of $ 500 mm debt at the Electricity sub sector of the Ministry. Chronicle gathered from sources close to the Ministry that similar exercises conducted at other sectors under the Ministry has uncovered $ 86 mm debt at Bulk Oil Storage and Transportation (BOST) and $ 8 mm at the Ghana National Petroleum Corporation (GNPC).
A credible source at the Ministry told that the huge debt is minus the $ 920 mm uncovered at the Tema Oil Refinery (TOR) by accounting giants -- KPMG.

The Ministry is reportedly fuming over the issue, since it would stifle it of funds to initiate new projects.
"It will hinder the ability of the Ministry to carry out new power projects," a source hinted. The debt arose from a number of contracts that were awarded by the previous administration to carry out electrification projects across the country, but which no payments were effected.