Former Power Minister Dr Kwabena Donkor says the Ghana National Petroleum Company (GNPC) is in need of urgent capital injection or it will go bankrupt.
Dr Donkor was commenting on the report of the Committee on Employment Welfare and State Enterprises on the Financial Performance of GNPC for 2019 and 2020.
It was uncovered in the statement that the Company’s books were bad.
He said Parliament must take a keen interest in the management of the corporation to avoid this.
“We will urge that from a purely financial analysis, without injection of new funds, GNPC is on the brink of bankruptcy and therefore, Mr Speaker, in supporting the motion. I want to call the attention of this house to the need to bring GNPC, even if is a committee of whole, to bring GNPC before this house for more critical scrutiny,” he said.
According to Chairman of the Mines and Energy Committee Samuel Atta Akyea, GNPC seems to have veered off its core mandate, a situation that is contributing to its current woes.
His ranking member, John Jinapor said the financial position of GNPC is worrying and could lead to a collapse.
“I’m very, very worried about the state of GNPC reading this report. And if you look at Page 4, is tasked with the profitability assessment of the company.
“It will look at the gross profit margin, which is the gross profit expressed as a percentage of your total sales, it has reduced from 50% in 2018 to 26% in 2019 to 0.3% in 2020.”
For him, this is very damning.
He told the house that “If you look at the operating profit… it has moved from 28% to -19.23%, nearing in mind that money doesn’t like noise.”
<img src="https://www.mtlblog.com/media-library/buildings-in-montreal.webp?id=53720818&width=1200&height=600&coordinates=0%2C39%2C0%2C39"/><br/><br/><p>As the cost of living continues to rise, <a href="https://www.mtlblog.com/average-rent-prices-montreal-september-2024" target="_blank" rel="noopener">rent prices in Montreal</a> are no exception. According to a new report, the average unfurnished 4 ½ (two-bedroom) property in the city currently costs $2,222 per month. </p><p>However, some <a href="https://www.mtlblog.com/montreal/heres-which-popular-montreal-neighbourhoods-had-the-cheapest-rent-in-2022" target="_self" rel="noopener">Montreal neighbourhoods</a> offer more affordable housing options than others. Thanks to real estate rental platform <a href="https://liv.rent/blog/rent-reports/september-2024-montreal-rent-report/" target="_blank" rel="noopener">liv.rent's latest report</a>, you can find out which areas suit you best based on how much you're willing to spend on rent.</p><p>In its report, liv.rent analyzes the cost of rent in 10 popular Montreal neighbourhoods, looking at both furnished and unfurnished one-bedroom, two-bedroom and three-bedroom units.</p><p>Since the start of 2024, the average rent for unfurnished two-bedroom units has remained more or less the same, having risen from $2,022 per month in January to $2,222 per month in September, according to calculations made by MTL Blog. That’s not the case for the average 3 ½, which climbed by $113 per month, from $1,599 to $1,712 since the beginning of the year.</p><p>Considering that <a href="https://www.canada.ca/en/financial-consumer-agency/services/renting-first-apartment.html" target="_blank" rel="noopener">rental expenses</a> should not exceed 35% of gross household income, according to recommendations by the Government of Canada, it is therefore necessary to earn at least $76,182 per year for an average two-bedroom rental in Montreal. But depending on your income, you might still be able to snag a 4 ½ in certain neighbourhoods without going into debt.</p><p>Here's a breakdown of the average monthly rent for two-bedroom apartments, condos and other dwellings in Montreal's top neighbourhoods, along with the minimum annual salary you'd need to live comfortably in each area, based on the 35% rule:<span></span></p><ul><li><strong>Downtown:</strong> $2,761 (minimum salary of $94,662 per year)</li><li><strong>Westmount: </strong>$2,563 (minimum salary of $87,874 per year)</li><li><strong>Verdun:</strong> $2,323 (minimum salary of $79,645 per year)</li><li><strong>Saint-Henri:</strong> $2,325 (minimum salary of $79,714 per year)</li><li><strong>Plateau–Mont-Royal:</strong> $2,297 (minimum salary of $78,754 per year)</li><li><strong>Saint-Laurent:</strong> $2,153 (minimum salary of $73,817 per year)</li><li><strong>Hochelaga-Maisonneuve:</strong> $2,049 (minimum salary of $70,251 per year)</li><li><strong>Notre-Dame-de-Grâce/Côte-des-Neiges</strong>: $1,976 (minimum salary of $67,748 per year)</li><li><strong>Villeray–Parc-Extension:</strong> $1,914 (minimum salary of $65,622 per year)</li><li><strong>Ahuntsic-Cartierville:</strong> $1,866 (minimum salary of $63,977 per year)</li></ul><p>As you can see, the north-central part of the island is the place to be for some of the most budget-friendly rent prices in the city right now. </p><p><span></span>Ahuntsic-Cartierville is the only neighbourhood in this study where you can afford to earn less than $65,000 per year. </p><p>If you're curious about rent prices for one- or three-bedroom units, <a href="https://liv.rent/blog/rent-reports/september-2024-montreal-rent-report/" target="_blank" rel="noopener">liv.rent's September 2024 Report</a> has the latest numbers for those types of properties as well.</p><p>This story was originally published in French on Narcity Québec. It was adapted from the article "<em><a href="https://www.narcity.com/fr/montreal/prix-appartement-loyer-montreal-deux-chambres-salaire-2024" target="_blank" rel="noopener">Voici le montant tu dois gagner pour te payer un 4 1/2 à Montréal selon le quartier</a></em>," which was originally published by Josianne Desjardins.</p><p><em>This article's cover image was used for illustrative purposes only.</em></p>
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