Ghana’s oil sector continues to play a central role in driving national development, with revenues from royalties, taxes, and equity interests funding critical projects and providing fiscal stability.
However, a new report by the Public Interest and Accountability Committee (PIAC) warns of worrying trends in petroleum revenue management and compliance.
The 2025 Semi-Annual Report, which covers the period from January to June 2025, reveals that petroleum revenues have declined significantly, particularly for the Ghana National Petroleum Corporation (GNPC).
PIAC’s latest publication marks its 27th statutory report and the 14th in its semi-annual series since its establishment under the Petroleum Revenue Management Act (PRMA).
According to the report, production remains concentrated in Ghana’s three major oil fields—Jubilee, Tweneboa-Enyenra-Ntomme (TEN), and Sankofa Gye Nyame (SGN)—which continue to anchor government earnings through equity participation.
PIAC flagged ongoing breaches of the legal capping formula for the Ghana Stabilisation Fund (GSF).
The current cap of US$100 million, maintained for 2025, violates Regulation 8 of L.I. 2381, which dictates the computation method. The appropriate ceiling, PIAC notes, should have been US$584.22 million.
As a result, the existing GSF balance of US$122.91 million may be insufficient to cushion the economy in the event of a fiscal or economic emergency.
The Committee urged Parliament to ensure that the Ministry of Finance adheres strictly to the law to restore the Fund’s intended purpose as an economic buffer.
The report also highlights a sharp downturn in GNPC’s financial performance during the first half of 2025.
The Corporation recorded receipts of US$65.26 million and expenditures of US$59.45 million, representing declines of 42.91% and 62.42%, respectively, compared to the same period in 2024.
This marks the lowest mid-year financial activity for GNPC across all three producing fields since 2017. Notably, the Corporation received no revenue from the TEN Field despite spending US$2.45 million to meet its equity obligations there.
PIAC’s findings renew calls for stronger fiscal discipline, transparency, and compliance with petroleum revenue management laws to safeguard Ghana’s long-term economic resilience.
Source: Akwasi Agyeman
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