Mr Albert Kan-Dapaah, Minister of Energy on Thursday announced plans to restructure the Ghana National Petroleum Company (GNPC) to save the cash-strapped company from going further into the drain.

Mr Kan-Dapaah, who made this known to the media in Accra, said the high indebtedness of the company was due to the fact that the former management diverted from its mandate of exploring for gas and crude oil and ventured into other capital-intensive projects.

He said GNPC has over 700 workers on its pay roll, which is also a drain on the national income.

Mr Kan-Dapaah said the completion of the restructuring exercise would be preceded by the appointment of a management board to get the company back into business.