By: Benjamin Nii Nai Anyetei
The Public Interest and Accountability Committee (PIAC) has called on the Ministry of Finance to strictly comply with appropriations approved by Parliament in allocating the Annual Budget Funding Amount (ABFA) to the District Assemblies Common Fund (DACF).
This forms part of several recommendations contained in PIAC’s 2025 Annual Report on the management and use of petroleum revenues, published in accordance with Section 56 of the Petroleum Revenue Management Act (PRMA), 2011 (Act 815), as amended.
The Committee specifically raised concerns over the disbursement of only US$1.87 million, representing 0.43 percent of the ABFA to the DACF in 2025, instead of the mandated 5 percent (US$21.67 million), describing it as non-compliance with the law.
PIAC also urged government, through the Petroleum Commission, to develop a framework to boost investment in existing oil fields, particularly the Tweneboa Enyenra Ntomme (TEN) field, where production has fallen below expectations. The Committee further called for improvements in regulatory and fiscal frameworks, as well as enhanced data acquisition in new oil basins.
In addition, PIAC directed the Ghana National Petroleum Corporation (GNPC) and its subsidiary, Explorco, to account for petroleum revenues amounting to US$561.65 million owed to the state and ensure the funds are deposited into the Petroleum Holding Fund (PHF).
The report also highlighted a continued decline in Ghana’s crude oil production, which dropped for the sixth consecutive year from 71.44 million barrels in 2019 to 37.3 million barrels in 2025, indicating a sustained downturn in output.
Consequently, total petroleum receipts fell by 43.27 percent to US$770.27 million in 2025, compared to US$1.36 billion in 2024.
PIAC further noted that US$434.55 million from the ABFA was transferred by the Ministry of Finance to a Special Purpose Vehicle under the Ghana Infrastructure Investment Fund (GIIF) to support infrastructure development under the government’s “Big Push” agenda. The funds are currently held in a suspense account at the Bank of Ghana, pending feasibility studies for the proposed Accra–Kumasi Expressway project.
While the Committee welcomed recent amendments to the PRMA that prioritize infrastructure spending, it expressed concern over the lack of transparency regarding key project details, including scope, contractors, and cost.
PIAC also observed that a US$30 million ABFA investment by GIIF in the Accra International Airport has yielded US$17.9 million in returns between 2017 and 2025, representing nearly 60 percent of the initial capital.
The Committee emphasized that its findings are aimed at promoting transparency, accountability, and prudent management of Ghana’s petroleum resources, while guiding policy decisions for improved outcomes in the sector.
