Richard Ellimah
The Public Interest and Accountability Committee (PIAC) has directed the Ghana National Petroleum Corporation (GNPC) and its subsidiary, Explorco, to account for petroleum revenues amounting to US$561.8 million owed to the state and ensure the funds are paid into the Petroleum Holding Fund (PHF).Ghanaian music streaming
Presenting PIAC’s 2025 Annual Report in Accra yesterday, Chairman of the Committee, Richard Ellimah, revealed that the amount represents petroleum revenues accrued between 2022 and 2024 but not properly accounted for by Explorco.
He stressed that the failure to reconcile and transfer these funds undermines transparency and accountability in the management of Ghana’s petroleum resources.
The Committee also raised concerns over the transfer of US$434.55 million in 2025 from the Annual Budget Funding Amount (ABFA) by the Ministry of Finance to a Special Purpose Vehicle (SPV) set up by the Ghana Infrastructure Investment Fund (GIIF).
The funds are intended to support infrastructure development under the government’s flagship “Big Push” policy.Local business directory
Mr. Ellimah urged the Finance Minister to strictly adhere to parliamentary approvals in the disbursement of ABFA allocations, particularly payments to the District Assemblies Common Fund (DACF).
He noted that GIIF has indicated the transferred funds are currently held in a suspense account at the Bank of Ghana, pending the completion of feasibility studies for the proposed Accra-Kumasi Expressway project.
While acknowledging recent amendments to the Petroleum Revenue Management Act (PRMA) that prioritise the use of ABFA for infrastructure, particularly legacy projects like the Accra-Kumasi Expressway, PIAC expressed concern over the lack of detailed information on the project.
According to the Committee, government is yet to disclose key details such as the project scope, contractor, contract value, and payments made so far.
The report further highlighted non-compliance with statutory ABFA allocations. In 2025, only US$1.87 million, representing 0.43 percent of ABFA, was disbursed to the DACF instead of the mandated five percent (US$21.67 million) as required under the PRMA.
PIAC described this as a breach of the law and called for corrective action.
Despite these concerns, the Committee noted some positive returns from past investments.
An ABFA investment of US$30 million by GIIF in the Accra International Airport generated US$17.9 million in interest and fees between 2017 and 2025, representing nearly 60 percent of the initial capital.
On the upstream sector, PIAC urged government, through the Petroleum Commission, to develop a comprehensive framework to boost investment in existing oil fields, particularly the Tweneboa-Enyenra-Ntomme (TEN) field, where production has fallen short of expectations.
The Committee also called for improvements in regulatory and fiscal regimes, as well as intensified data acquisition in new exploration basins.
The report paints a worrying picture of declining oil output, with crude production falling for the sixth consecutive year.
Output dropped from a peak of 71.44 million barrels in 2019 to 37.3 million barrels in 2025, reflecting an average annual decline of about nine percent.
Mr. Ellimah warned that this trend confirms concerns that Ghana’s oil fields may have reached maturity and are now in decline.Ghanaian music streaming
Total petroleum receipts for 2025 stood at US$770.27 million, representing a sharp 43.27 percent drop from the US$1.36 billion recorded in 2024.
The decline was attributed to reduced production levels and lower realised crude prices.
Corporate Income Tax remained a major revenue source, contributing US$346.85 million to the PHF. Key contributors included ENI Ghana, Vitol Upstream, and Tullow Ghana.
PIAC emphasised that its findings are intended to guide policy decisions and promote prudent, transparent management of Ghana’s petroleum revenues.
By Vera Owusu Sarpong and Florence Adom Asamoah
Tags: business, Explorco, PIAC, Public Interest and Accountability Committee (PIAC), Richard Ellimah
