MORE than $561 million in petroleum revenue owed to the State remains unaccounted for, as the Public Interest and Accountability Committee (PIAC) has called out Explorco over delays in paying the funds into the Petroleum Holding Fund.
The report stated that the amount, covering the period between 2022 and 2024, remains outstanding despite repeated calls for the funds to be paid, raising fresh concerns about accountability in Ghana’s oil sector.
This came to light yesterday in Accra at the launch of the 2025 PIAC annual report.
Chairman of PIAC, Mr Richard Ellimah, described the issue as one of the key findings of the report, stressing that the monies belong to the people of Ghana and must be returned without delay.
He noted that PIAC has maintained its position over the years, even as the Ghana National Petroleum Corporation (GNPC) and its subsidiary disagree with the committee’s stance.
The report also highlighted a continued decline in crude oil production, which dropped for the sixth consecutive year in 2025.
“Output fell sharply from a peak of 71.4 million barrels in 2019 to about 37 million barrels in 2025, representing an average annual decline of about nine per cent,” he said.
According to him, the trend is worrying and requires urgent policy attention to attract investment into existing fields, particularly the TEN fields, where production has underperformed.
Mr Ellimah pointed out that although Ghana’s cumulative oil production since 2010 has reached about 694 million barrels, the country’s output remains modest compared to major producers like Nigeria.
He said the Jubilee Field continues to dominate production, contributing about 59 per cent of total output.
On revenue, he said the report recorded a significant drop in petroleum receipts in 2025, with total earnings falling to $770 million from $1.3 billion in 2024.
“This comes after a peak of $1.4 billion recorded in 2022. For the first time in several years, corporate income tax overtook carried and participating interest as the largest source of petroleum revenue. PIAC attributes this to companies exhausting their capital allowances and beginning to pay more taxes,” he said.
The Chair further raised concerns about the use of the Annual Budget Funding Amount (ABFA), noting that about 95 per cent of the funds have been directed into the government’s infrastructure drive, known as the “Big Push.”
“A total of $434 million has already been transferred to a special purpose vehicle under the Ghana Infrastructure Investment Fund (GIIF) for major projects, including the Accra-Kumasi Expressway,” he explained.
However, he questioned the legal basis for channeling the funds through GIIF, arguing that the institution is no longer explicitly provided for under the Petroleum Revenue Management Act (PRMA).
The report also flagged a discrepancy in allocations to the District Assemblies Common Fund, revealing that only 0.43 per cent of ABFA was transferred in 2025, far below the constitutionally required minimum of five per cent.
On the Ghana Petroleum Funds, he said the Ghana Heritage Fund grew to $1.3 billion in 2025, while the Ghana Stabilisation Fund declined to about $175 million due to withdrawals.
The committee criticised the continued application of a $100 million cap on the Stabilisation Fund, describing it as inconsistent with existing regulations, which would have allowed for significantly higher retention.
Speaking at the event, Executive Director of the Centre for Democratic Development, Prof. Henry Kwesi Prempeh, described PIAC as a major democratic innovation that has helped promote transparency in the management of oil revenues.
He, however, expressed concern that the committee’s recommendations are often not acted upon, weakening accountability.
BY AGNES OPOKU SARPONG
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The post PIAC flags $561m missing petroleum funds, faults Explorco appeared first on Ghanaian Times.
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