Mr. Richard Ellimah, a member of the Public Interest and Accountability Committee (PIAC), has revealed that the government lost an estimated $2 million to $3 million in 2023 due to unpaid Surface Rentals owed by International Oil Companies (IOCs). These rentals, which totaled $2,738,365.29, are a vital source of government revenue.
During a presentation at a Zonal engagement with the media, as part of PIAC’s project inspections, Mr. Ellimah emphasized the importance of Surface Rentals as a revenue stream and noted that all IOCs operating in Ghana are required to pay these fees. However, some companies have defaulted, resulting in significant financial losses for the country.
Mr. Ellimah explained that some companies delay payments, often promising to pay after production begins, but many never fulfill these obligations. In some cases, companies even exit the country, leaving the government to bear the financial burden.
To address this issue, Mr. Ellimah recommended that the government enforce stricter measures to ensure Surface Rentals are paid before or during production. He suggested integrating these payments into the companies’ social commitments to their projects to prevent them from leaving without settling their financial obligations. Additionally, he called on the Ghana Revenue Authority (GRA) to intensify efforts to recover outstanding Surface Rentals and apply default penalties to ensure compliance.
PIAC, an independent statutory body established under the Petroleum Revenue Management Act (PRMA) 2011 (Act 815), plays a critical role in promoting transparency and accountability in the management of Ghana’s petroleum revenues.
