The Public Interest and Accountability Committee (PIAC) is mounting pressure on the Ghana National Petroleum Corporation’s (GNPC) subsidiary, Explorco, to account for petroleum revenues totaling US$561 million and deposit the funds into the Petroleum Holding Fund (PHF).
PIAC’s demand follows reports that Explorco failed to remit the amount owed to the Republic of Ghana between 2022 and 2024.
Speaking at the 2025 PIAC Annual Report launch, PIAC Chairman Richard Ellimah emphasized the need for full compliance to ensure transparency and proper management of the country’s petroleum revenues.
“Another finding is that Explorco, a subsidiary of GNPC, has failed has persistently failed to account for petroleum revenue due the Republic of Ghana to the tune of $561 million between 2022 and 2024 after numerous calls by PIAC for the revenues to be accounted for and deposited into the petroleum revenue.
“We have had a back and forth with GNPC over this many times, and we haven’t shifted our position. GNPC has also not shifted its position. We still maintain that the $561 million that Explorco had from its lifting of petroleum belong to the people of Ghana. It should be deposited in the Petroleum holding fund for the people of Ghana. But GNPC disagrees. So our recommendation is that the money should be returned to the PHF,” he said.
The standoff between PIAC and GNPC’s subsidiary underscores lingering concerns over transparency and accountability in Ghana’s petroleum revenue management.
The unresolved impasse now places renewed focus on regulatory clarity and enforcement.
