Ghana’s petroleum sector has come under fresh scrutiny following the release of the 2025 annual report of the Public Interest and Accountability Committee (PIAC), which has highlighted key gaps in revenue management and transparency.
The report, discussed at a two-day workshop in Accra, points to rising petroleum receipts—projected at $985 million in 2026, up from $770 million in 2025—but warns that effective utilisation of these funds remains a major concern.
Speaking at the engagement, PIAC Chairman Richard Ellimah stressed the need for stronger accountability systems to ensure petroleum revenues translate into tangible national development outcomes.
The report also flagged compliance issues involving the Ministry of Finance, particularly in relation to appropriations and the management of the Annual Budget Funding Amount (ABFA). It further called for strict adherence to the Ghana Stabilisation Fund cap to improve fiscal discipline.
A key recommendation in the report is the development of a medium-term investment strategy to improve performance in oil-producing assets such as the Tweneboa-Enyenra-Ntomme (TEN) Oilfields, which experts describe as increasingly challenging but still vital to the country’s production outlook.
Concerns were also raised over alleged unaccounted petroleum revenues involving the Ghana National Petroleum Corporation and the Ghana National Gas Company, with calls for clearer reporting and debt resolution mechanisms to strengthen financial transparency in the sector.
PIAC officials noted that improved governance of oil revenues is critical, especially as Ghana’s crude oil production continues to decline, making efficient resource management even more important.
The two-day workshop brought together media professionals including editors and broadcasters to deepen understanding of petroleum revenue management under the Petroleum Revenue Management Act (PRMA), 2011 (Act 815), and its recent amendments. Participants were trained on how to better analyse and report on issues affecting the sector.
PIAC Technical Director Mark O. A. Agyemang emphasised the need for investment planning to sustain output from mature oil fields like TEN, while Executive Secretary Isaac Dwamena called for stronger collaboration among stakeholders to promote transparency and good governance.
Overall, the report underscores a growing national conversation around ensuring that Ghana’s oil wealth is managed efficiently, transparently, and in a way that delivers long-term benefits to citizens.
