The Public Interest and Accountability Committee (PIAC) is intensifying pressure on the Ghana National Petroleum Corporation’s (GNPC) subsidiary, Explorco, to account for petroleum revenues amounting to US$561 million and ensure the funds are paid into the Petroleum Holding Fund (PHF).
The demand follows findings that Explorco failed to remit the amount due to the Republic of Ghana between 2022 and 2024.
Speaking at the launch of the 2025 PIAC Annual Report, PIAC Chairman Richard Ellimah emphasised the need for strict compliance to uphold transparency and proper management of the country’s petroleum resources.
He revealed that despite repeated engagements, Explorco has persistently failed to account for the revenues in question.
According to him, PIAC maintains that the $561 million generated from petroleum liftings rightfully belongs to the people of Ghana and must be deposited into the PHF. However, GNPC has held a contrary position, resulting in a prolonged deadlock between the two parties.
Ellimah noted that PIAC remains resolute in its recommendation that the funds be returned to the PHF in line with existing petroleum revenue management laws.
The standoff between PIAC and GNPC’s subsidiary highlights ongoing concerns about transparency and accountability in Ghana’s petroleum sector, while drawing renewed attention to the need for stronger regulatory enforcement and clarity.
Ghana’s petroleum revenue management framework requires that all proceeds from oil operations be paid into the Petroleum Holding Fund (PHF) to ensure transparency, accountability, and prudent use of national resources.
By: Christian Kpesese
