Market traders in the La Nkwantanang–Madina Municipality are calling for a stronger government stake in Ghana’s upstream petroleum sector to ensure citizens fully benefit from the nation’s oil resources.
Speaking at a public forum organised by the Public Interest and Accountability Committee (PIAC) in partnership with the Africa Centre for Energy Policy (ACEP), Vice Market Queen Madam Theresah Ansong said a higher government share would allow more oil wealth to be channelled into national development.
“Since we discovered petroleum, why can’t the government set aside part of its oil revenue to eventually own and operate our own drilling activities?” she asked, stressing that increased state ownership would secure long-term gains for ordinary Ghanaians.
The forum, which brought together traders from the Madina Market, Adenta Market, and Bohye Market, formed part of PIAC’s mandate to promote transparency, education, and public debate on the management of petroleum revenues.
Madam Ansong also appealed for the establishment of a revolving fund for traders sourced from petroleum revenues, arguing that affordable credit would help boost small businesses.
She said high borrowing costs and limited access to finance continue to constrain market activities and income growth.
Responding to the concerns, Mr. Isaac Dwamena, Coordinator at the PIAC Secretariat, revealed that the government had previously allocated GHS 30 million from petroleum revenues to support traders through the Microfinance and Loans Centre (MASLOC).
However, he noted that repayment challenges among beneficiaries weakened the sustainability of the programme.
Mr. Dwamena added that the government, through the Ghana National Petroleum Corporation (GNPC), has steadily increased its participation in the petroleum sector.
He highlighted ongoing investments in exploration, including plans for GNPC’s subsidiary, Explorco, to commence drilling its first well in the Voltarian Basin by October 2026.
Providing national context, PIAC Chairperson Mr. Richard Ellimah disclosed that Ghana has earned approximately US$11.47 billion from oil production between 2011 and the first half of 2025.
Out of this US$4.5 billion has supported the national budget and funded key development initiatives in education, health, and agriculture, US$3.15 billion has financed GNPC’s operations, exploration activities, and management of Ghana’s stakes in oil fields, US$2.6 billion has been deposited into the Ghana Stabilisation Fund (GSF) as a buffer against global oil price shocks and also US$1.1 billion has been saved for future generations through the Ghana Heritage Fund (GHF).
Mr. Ellimah said the figures demonstrate how petroleum revenues continue to play a critical role in Ghana’s fiscal stability, long-term savings, and economic development.
