The Public Interest and Accountability Committee (PIAC) has raised fresh concerns over unaccounted petroleum revenues and incomplete oil-funded projects during a public engagement in Asesewa, in the Upper Manya Krobo District, urging more scrutiny over how Ghana’s oil wealth is being managed.
While reaffirming its transparency mandate under the Petroleum Revenue Management Act (Act 815), PIAC used the platform not just to educate citizens on oil revenue management, but also to highlight major gaps in accountability and delivery of development outcomes.
A key point of contention emerged around unfinished petroleum-funded projects in the district.
According to Upper Manya Krobo District Chief Executive, Mr. Kwesi Lawer, several projects, including rural market facilities and boreholes at the Asesewa Market, as well as roads such as the Abourso-Asesewa and Korlewa-Apimsu-Sawah-Asesewa stretches, remain incomplete despite full payment to contractors.
“This engagement provides the opportunity for citizens to assess how oil money is being used to address the real needs of communities,” Mr. Lawer noted, adding that community involvement and public oversight were critical in ensuring petroleum funds were not misdirected or wasted.
PIAC representatives at the event echoed these concerns, pointing to a troubling pattern of underperformance in oil revenue management. Speaking on behalf of the Committee, Mr. Samuel Bekoe noted that Ghana’s three main oil fields, Jubilee, TEN, and Sankofa-Gye Nyame produced over 48.2 million barrels in 2024, generating approximately US$1.3 billion in revenue.
“Compare this to the US$3 billion loan Ghana is seeking from the IMF, and it tells you that our oil revenue alone is substantial if well managed,” Mr. Bekoe observed.
However, PIAC’s 2024 report paints a more sobering picture. The Committee revealed that national crude oil output declined by 8.51% compared to 2023, marking the fifth straight year of production decline.
More worryingly, PIAC disclosed that GNPC’s subsidiary, Explorco, failed to deposit US$145 million from its 2024 liftings into the Petroleum Holding Fund (PHF), increasing total unpaid oil revenues to over US$400 million.
“These liftings are not discretionary and cannot be excluded from public financial oversight,” the Committee warned, stating that GNPC’s non-compliance undermines fiscal transparency.
Another growing concern is the accumulation of surface rental arrears owed by International Oil Companies (IOCs). As of the end of 2024, arrears had reached US$2.7 million, with 88% owed by companies whose Petroleum Agreements were terminated as far back as 2021.
Coordinator of PIAC, Mr. Isaac Dwamena, added that no new Petroleum Agreements have been signed in the last five years, despite government efforts to attract investors to the upstream sector.
Nevertheless, petroleum revenue increased by nearly 28% in 2024, rising from US$1.06 billion in 2023 to US$1.36 billion, largely due to favorable global oil prices.
“This is the second-highest petroleum revenue in Ghana’s history, after 2022’s peak of US$1.42 billion,” Mr. Dwamena said.
However, he cautioned that increased revenue without strengthened oversight would not translate into real development benefits.
To address these issues, PIAC recommended urgent steps including recovery of rental arrears, transparent project prioritisation, and reforms to GNPC’s financial practices.
The Committee also called on Parliament to enforce rules capping withdrawals from the Ghana Stabilisation Fund and to prevent GNPC from taking on excessive debt.
