By Benjamin Nii Nai Anyetei
The Public Interest and Accountability Committee (PIAC), has raised major accountability concerns within Ghana’s petroleum sector, revealing that over 561 million dollars in oil revenues remain unaccounted for by GNPC’s subsidiary, Explorco.
According to the 2025 report, the missing funds represent proceeds from petroleum operations that have not been paid into the Petroleum Holding Fund, contrary to provisions of the Petroleum Revenue Management Act.
PIAC insists that these funds constitute state revenue and must be properly accounted for, warning that the situation undermines transparency and public trust in the management of the country’s natural resources.
The report also highlights broader financial risks within the energy sector, particularly the rising debt burden of the Ghana National Gas Limited Company (GNGLC), which stood at over 620 million dollars in 2025.
PIAC cautions that the high debt exposure, coupled with persistent inefficiencies in pricing and revenue collection, poses a systemic risk to the entire energy value chain.
Additionally, the report points to declining financial inflows to the Ghana National Petroleum Corporation (GNPC), whose receipts dropped by over 61 percent due to policy changes and reduced petroleum revenues.
Despite these challenges, the Ghana Petroleum Funds recorded modest growth, increasing to 1.55 billion dollars. However, PIAC warns that governance issues, including improper capping of the Stabilisation Fund, continue to threaten the integrity of the fund management system.
The Committee is therefore calling for stricter oversight of state-owned enterprises, improved compliance with legal frameworks, and urgent reforms to address financial vulnerabilities within the energy sector.
It also recommends the implementation of a clear debt repayment plan and reforms in gas pricing policies to ensure long-term sustainability.
