Accra, Ghana – 7th July 2025 – GMP has taken note of several recent media reports that appear to be based on a petition allegedly submitted by Petraco Energies DMCC to the Economic and Organised Crime Office (EOCO). These reports repeat claims that are not only inaccurate but also misleading and damaging, creating an unfortunate public impression of wrongdoing where none exists.
We wish to state unequivocally that the allegations contained in the petition are spurious, baseless, and grossly misleading. They mischaracterise what is, in fact, a straightforward commercial disagreement between two joint venture partners.
For context, GMP entered into a 50/50 Profit and Loss Sharing Joint Venture Agreement with Petraco Energies DMCC – not Petraco Oil Company SA, as has been wrongly suggested in some reports. Under this agreement, GMP transferred USD 10 million to Petraco for the purchase of petroleum products. That amount remains with Petraco.
Problems arose when Petraco, while acting on behalf of the joint venture to procure the products, consistently failed to disclose the purchase prices to GMP. In contrast, GMP fully disclosed the sale prices of the products to Petraco. Concerned by this imbalance, GMP repeatedly demanded a formal audit of all transactions, particularly the unreasonably high cost components on freight and hedging amongst others, to fairly redetermine the JV’s profit and reconcile our share. This request has not been honored by Petraco or EDURC Company DMCC (an entity Petraco introduced to GMP to take over its entitlements under each cargo), and still remains outstanding.
This is, and has always been, a commercial matter. There is no element of fraud or criminal conduct, as alleged. Further, the dispute is currently before an arbitration tribunal in Dubai, where GMP is demanding proper accountability and exploring a potential counterclaim.
It is deeply concerning that some media outlets have chosen to report these issues based solely on unverified claims in a self-serving petition, without seeking balance or input from GMP. These stories, often published without the necessary context, have created a false and damaging narrative and offered detractors an opening to malign GMP’s reputation.
GMP has made its officials available to clarify the facts and provide background to journalists, editors and commentators. While some have welcomed this engagement, others continue to push a distorted version of events.
We therefore call on all media practitioners to uphold the principles of accuracy, fairness, and responsible journalism. Reporting on matters that are the subject of pending legal or arbitral proceedings requires care, context, and a commitment to truth.
GMP will not hesitate to take legal action against any individual or organisation that continues to publish defamatory or misleading statements intended to tarnish its name or undermine its operations.