In addition, PIAC has appealed to government to find solutions to challenges leading to a decline in oil production in Ghana.

PIAC in its first half 2025 report observed that Ghana is not attracting new investments into its upstream petroleum industry — with no new petroleum agreement signed since 2018.

 The committee observed that for period-by-period comparison, crude oil production declined by 25.92 percent, from 24,857,477.52 bbls in H1 2024 to 18,415,410.74 bbls in H1 2025.

The total petroleum receipts for the period decreased by 56 percent from US$840,765,265.80 in H1 2024 to US$370,343,681.17 in H1 2025, mainly due to relatively lower crude oil production and price.

“The Committee reiterates its call on the government, as a matter of urgency, to ensure that the Ministry of Energy and its allied agencies increase efforts to arrest the decline in crude oil production and secure investments into Ghana’s upstream petroleum industry” Vice Chairman of the Committee, Odeefuo Amoakwa Boadu VII said at a press engagement.

The Report also reviewed the performance of institutions with responsibilities under the PRMA, including PIAC itself. Its findings and recommendations are intended to guide policy formulation while promoting transparency and accountability in the management of Ghana’s petroleum resources.

Source: Joy Business

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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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These projects carried out in the Yendi and Mion districts of the Northern region and Asuogyaman and Upper Manya Krobo districts of the Eastern region have been hindered by poor supervision, and delays in contract payments.

PIAC made its findings about the oil funded projects known in a press statement after it carried out inspection between June 22, 2025 and June 27, 2025.

This inspection activity formed part of the Committee’s statutory mandate to independently monitor and evaluate the management and use of petroleum revenues, as provided for under the Petroleum Revenue Management Act (PRMA), 2011

(Act 815) as amended.

In the Upper Manya Krobo District, the Committee inspected the construction of a rural market project, which received GH¢169,516.27 from the ABFA in 2024.

“While the marketsheds and warehouse had been completed, the mechanised borehole had not been constructed. There were visible leakages and signs of algae present on the sheds,” the statement highlighted.

Despite these conditions, PIAC indicated that market activity was ongoing under the sheds, raising health and safety concerns.

The PIAC team also visited the Mensah-Dawa Apimsu-Asesewa Feeder Road Project which had an allocation of GH¢1 million in 2024.

It was discovered that only concrete drains completed as road surfacing had not commenced, and the Contractor was not on site.

“The Team drove along the rough terrain to appreciate the challenges faced by commuters,” the statement highlighted.

The Team also inspected the Kwanyako Asuogyaman CHPS Compound, funded between 2020 and 2023 with a total amount of GH¢2,617,000 in the Asuogyaman District,

“The project was completed and was in use. Staff accommodation was also ready for occupation. The Committee commends the government for the quality and completion of the project”.

The Team observed that work had been intermittently stalled due to delayed payments and recent rainfall on the Akosombo-Adumasa-Gyakiti Road, supported with GH¢2,337,000 from the ABFA in 2024.

It indicated that grading work was underway during the inspection with the Contractor on site.

In the Yendi Municipality in the Northern Region, the Gamandze-Paansiya Link Road Project funded from 2019-2023 with GH¢993,000 from the ABFA was flagged for significant discrepancies.

According to PIAC, though official data indicated that earthworks, gravel surfacing and culverts had been completed, only earthworks were done at the time of the inspection.

“Community members reported flooding during rainy seasons, causing disruption and safety risks, as a result of the non-completion of the project,” it added.

Upon inspection of the Yendi-Saboba Road which

had received an ABFA amount of GH¢4,460,000 from 2022 to 2023, it was revealed that the road showed signs of deterioration, with deep potholes and cracks.

Interactions with residents in Wambu showed that the Contractor had not been on site since 2019.

In the Mion District, the Committee inspected two small dam projects, thus the Nanvili and Sakoya dams which had received an amount of GH¢6,267,000 from the ABFA in 2019, had structural defects, including a low embankment and poor excavation.

“The dam in Sakoya, a vital source of water for domestic use and irrigation during the dry season, was affected by erosion and poor water retention.”

PIAC also visited the Manyini and Sambu dams, which received an ABFA amount of GH¢558,000 from 2019 to 2020.

According to PIAC, some residents interviewed indicated that the Sambudam was constructed over 50 years ago by the Community.

The Contractor of the Sambudam had done minor embankment levelling and a rock barrier at the site of the dam.

As a result, water overflows into the community when it rains.

The Committee reaffirmed its commitment to promoting transparency and accountability in the management of Ghana’s petroleum revenues.

“We will continue to report on the use and impact of these funds through its statutory reports and public engagements,” PIAC said in the statement.

Source: GNA

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The President gave the assurance during a courtesy call by the PIAC members, led by its Chairman, Mr. Constantine K.M. Kudzedzi.

The committee members visited to congratulate the President on his recent election victory and discuss matters concerning the management of Ghana’s oil revenues.

President Mahama outlined his government’s ambitious plan to invest $10 billion over the next five years, allocating $2 billion annually, into priority infrastructure projects across the country.

These projects will target key sectors, including roads, major bridges, education, and health infrastructure, as well as areas vital for boosting productivity in the agriculture sector.

He specified that agricultural projects under the “Big Push” would encompass irrigation schemes, construction of farmer service centres, and support for agribusiness development.

The President stated that the primary sources of funding for this significant policy initiative would be petroleum revenue and mineral royalties.

Commending PIAC for its vital role, President Mahama praised thecommitteee’s efforts in monitoring and ensuring transparency and accountability in the utilisation of Ghana’s petroleum revenues.

He highlighted PIAC as a commendable model for other countries seeking effective oversight mechanisms.

Source: Kwame Anum

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According to the 2024 Public Interest and Accountability Committee (PIAC) report, this is the fifth consecutive year that no Petroleum Agreement has been signed since 2018.

It is therefore urging Parliament to ensure that the Ministry of Energy and its allied agencies increase efforts to secure investments into Ghana’s upstream petroleum industry.

In terms of crude oil production, it declined for the fifth consecutive year in 2024.

“Production has dropped from a high of 71.44 million barrels in 2019 to 48.25 million barrels in 2024, representing a year-on-year decline of 0.01% and a five-year average decline of 7.4%,” the report stated.

The 2024 PIAC Annual Report reconciles and analyses information as well as data from key stakeholder institutions.

The data relates to the exploitation of hydrocarbon resources and associated revenues and expenditures as mandated by the PRMA.

The report also includes inputs from relevant stakeholder institutions.

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The company presently receives 55% of the Carried and Participating Interests (CAPI) to fund its operational expenditures. The allocation of petroleum revenue to the company is expected to halt in 2026 following its implementation in 2011.

The 2024 semi-annual report of the Public Interests and Accountability Committee revealed the corporation has not set aside funds to support its operations after a 15-year timeline expiration.

“When the government then decides not to fund them, how are they going to fund their operations? We are recommending that they should actualize their own reserve funding so that once they’re able to put aside some monies they will be able to build up enough revenues to support their operations,” Technical Advisor on the PIAC, Richard Elimah, said.

The PIAC was in the Ashanti region to engage stakeholders on the findings on the semi-annual report and ways to hold the government in ensuring the oil revenues are utilized for its intended purpose.

IOCs owe over $2 million surface rentals

Ten international oil companies (IOCs) are yet to cough up money to settle their surface rental fee owed the government.

According to the 2024 semi-annual report by the Public Interests and Accountability Committee (PIAC), a total of over 2.6 million dollars are yet to be retrieved from the companies during the first half of the year.

Four of these foreign companies failed to pay up their debts and have already exited the country after collapsing.

The committee is recommending the government ensures the companies pay the acreage fee during the course of production and also take immediate steps to recover the outstanding amounts.

“PIAC is recommending that the government takes the surface rental before these companies leave the country. So, they should be made to pay during the course of the production. This would ensure the state doesn’t incur any losses,” Mr. Elimah admonished.

Meanwhile, the committee is distraught over the government’s decision not to sign any new petroleum agreement since 2018.

The committee finds the decision is worrying as it could impact more revenue generation for the country.

The 2024 semi-annual report of the Committee revealed the government failed to make any allotment to boost industrial growth despite being cited as a priority area.

The government explained it had other funding sources for the sector, but PIAC believes an additional support from the petroleum revenue is only appropriate to drive growth in the industrial sector of the economy.

“Kumasi, Bono are in the middle belt with deposits of gold, bauxite and others. We’d plead with the government that though it has injected funds into the slow progress of the Boankra inland port, PIAC through the GNPC can help to ensure government provide more funds for it. Because it could create jobs for the youth,” a citizen voiced concerns over the slow progress of the Boankra Inland Port project sited in the Ejisu municipality.

He made his submissions at a public forum by the Public Interest and Accountability Committee.

His concern reflects an observation of PIAC on the government not disbursing the petroleum revenue to industrialize the economy.

The 2024 semi-annual report by the Committee indicated the government’s waning commitment to industrialization with revenue allocation dwindling since 2020.

A total of 31.8 million cedis, representing 1.15% of the total Annual Budget Funding Amount (ABFA) was allocated to industrialisation in 2020.

The amount declined to 16.26 million (0.87%) in 2021 and went further to 9.28 million cedis (0.20%) in 2022 and eventually plummeted to 5.81 million cedis in 2023.

Despite the government budgeting a total of Gh8,036,398,622 of the ABFA for the key priority areas for the first half of 2024, no budgetary allocation was made to industrialization.

“If industrialization is one of the four key priorities of the government, we expect government to actualize its own priority by channeling resources to the industrialization sector. But within the period we did the report from January to June, government hadn’t spent penny on the sector,” Richard Elimah, Technical Advisor on the PIAC, said.

From 2023 to 2025, the government has prioritized agriculture including fisheries, infrastructure and service delivery in education and health, roads, rails and other essential infrastructure as well as industrialization to be funded with oil revenue.

Mr. Elimah wants the government to pay critical attention to the sector which essentially drives economic growth.

“I don’t think having an additional layer of funding from petroleum revenue, will hurt anybody. It will rather go to strengthen the government’s own resolve at making the industrialization agenda a reality. Even if the sector is receiving other sources of funding, we think the government should actualize its own desire to ensure the industrialization policy works by channeling more of the revenue. So, Ghana can have more industries and create more jobs,” he said.

The PIAC met with traditional leaders, religious leaders, civil society groups and the public to deliberate on the findings from the 2024 semi-annual report.

According to PIAC’s semi-annual report, this growth was primarily driven by higher production volumes, notably from the recently launched Jubilee South East well.

Oil production saw a 10% year-on-year rise, bringing revenues to $840.7 million, up from $540 million in the same period the previous year.

However, the report also highlights a key challenge: outstanding surface rental arrears totaling $1,212,335.53, excluding arrears from terminated petroleum agreements.

PIAC has urged the Ghana Revenue Authority (GRA) to intensify efforts to recover these arrears.

Additionally, the Committee recommended that all assessed surface rentals be paid into the Petroleum Holding Fund (PHF) by February 28 each year, as required by law.

PIAC emphasized the importance of ensuring that the revenue gains from increased oil production contribute to sustainable national development, calling for enhanced accountability and timely revenue collection.

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While petroleum revenue typically accounts for about 7% of total government income, Ghana heavily relies on it as a key driver of economic growth.

Speaking at a consultative workshop in Accra on Wednesday, October 16, PIAC member Mr. Constantine K.M. Kudzedi noted that, Ghana experienced its highest crude oil production in 2019, with 71,439,585 barrels, up from around 1.1 million barrels in 2010 and approximately 62 million barrels in 2018.

However, production dropped to 66,926,806 barrels in 2020, a 6.3% decline.

This downward trend continued, with production falling to 55,050,391 barrels in 2021, 51,756,481 barrels in 2022, and 48,247,036 barrels in 2023, representing declines of 17.75%, 5.98%, and 6.78%, respectively.

“The 2023 production figures mark the fourth consecutive year of declining output since 2010,” Mr. Kudzedi explained.

“This trend has raised concerns about the future of Ghana’s upstream petroleum industry. If the issues affecting production fields are not addressed, and new fields are not developed or investment is not attracted, the sustainability of the sector will be jeopardized. This could negatively impact the expected returns and the equitable distribution of oil wealth, especially for the state as the resource owner.”

Source: Adomonline

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According to PIAC, the GNPC is being “burdened” by debts owed by the government and its agencies, which amount to nearly $1 billion.

Speaking on the program ‘Time with PIAC,’ Mark Agyemang, Technical Manager at PIAC, discussed the key points from ‘PIAC Issue Paper II,’ highlighting that these financial obligations are creating significant strain on GNPC’s finances.

“The government is responsible for national development, and while state-owned enterprises like GNPC can contribute through corporate social responsibility or investments, there are numerous instances, which PIAC has documented, where the government has asked GNPC to pre-finance or provide guarantees and loans to other state entities.

“For example, the Volta River Authority (VRA), Karpowership, the Electricity Company of Ghana (ECG), the Western Corridor Road Enclaves, and the Tema Oil Refinery all owe GNPC. Currently, GNPC is owed nearly $1 billion by these state bodies. It’s a paradox where the same state that funds GNPC also owes it significant sums, which causes financial strain,” he noted.

Mr Agyemang further advocated for a review of P.N.D.C.L 64, the law that established GNPC, to allow the company to achieve financial independence.

“If GNPC’s governance structure is diversified, with independent bodies—rather than just government appointees—participating in board appointments, GNPC would be in a stronger position to reject some of these financial demands from the government,” he suggested.

Source: Adomonline

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These surface rentals, a crucial source of revenue for the government, amounted to $2,738,365.29 (GHC 42,882,800.44 Cedis).

Mr Ellimah made this disclosure during a presentation at a Zonal engagement with the media in Ho on August 18, as part of PIAC’s inspections of various projects in the Volta Region.

He emphasized the significance of surface rentals as a revenue stream for the government, noting that all International Oil Companies operating in Ghana were required to pay these fees.

However, he pointed out that some companies had defaulted on these payments, resulting in significant financial losses for the country.

“All the International Oil Companies operating are required to pay surface rentals, but we’ve realized that some of the companies do not pay this amount, which is a loss to the government,” Mr. Ellimah stated.

He further explained that some of these companies offer excuses for delaying payment, often promising to pay after production has commenced.

However, in many cases, these payments are never made, and some companies even leave the country, leaving the government to bear the cost. This situation has resulted in a significant financial burden for the state.

Looking ahead, Mr. Ellimah suggested that the government should enforce stricter measures to ensure that surface rentals are paid before the start of production or during ongoing production.

He proposed that the payment be integrated into the companies’ social commitments to their projects, preventing them from leaving without fulfilling their financial obligations.

In addition, he highlighted the need for the Ghana Revenue Authority (GRA) to intensify its efforts to recover outstanding surface rentals, applying the usual default penalties to ensure compliance.

The Public Interest and Accountability Committee (PIAC) is an independent statutory body mandated to promote transparency and accountability in the management of petroleum revenues in Ghana.

Established under Section 51 of the Petroleum Revenue Management Act (PRMA) 2011 (Act 815), PIAC plays a crucial role in ensuring that petroleum revenues are managed in a manner that benefits the people of Ghana.

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This decline, coupled with other financial challenges, underscores the critical issues facing the country’s petroleum sector. Here are the key takeaways and the committee’s recommendations.

Crude Oil Production and Revenue

Ghana’s oil production peaked at 71 million barrels in 2019, but by 2023, output had fallen to 48 million barrels—a drop of 23 million barrels, or 32.5%.

This decline has naturally led to a decrease in revenue, with annual petroleum receipts falling from $1.4 billion in 2022 to $1.06 billion in 2023.

The $340 million shortfall is particularly painful given that Ghana’s next tranche of IMF support is just $360 million. Unless production stabilizes or oil prices rise, Ghana’s revenue will continue to shrink, straining the broader economy.

The Ghana National Petroleum Corporation (GNPC), which collects revenue from oil producers, experienced a 13.42% decline in its share of revenue, further squeezing its financial position.

Mismanagement of Petroleum Funds by the District Assemblies Common Fund (DACF)

The PIAC report highlighted discrepancies in how the District Assemblies Common Fund (DACF) utilized its petroleum funds. Contrary to the Petroleum Revenue Management Act, which mandates that 70% of such funds be spent on public investment, the DACF spent 53.75% on goods and services and only 46.25% on public investment.

The committee has urged the Ministry of Finance to enforce compliance with the law.

Disbursement to Priority Areas

The Ministry of Finance biennially selects priority areas for petroleum fund expenditure. Until 2025, these areas are Agriculture, Infrastructure in Education and Health, Road and Rail, and Industrialization. However, the report found that only 25% of the budgeted funds for industrialization were utilised.

For an emerging economy like Ghana, underfunding industrialization is a critical oversight that could hamper long-term growth.

Financial Strains on Ghana Gas

The report revealed that Ghana Gas has cumulative outstanding receivables amounting to $954.5 million, including legacy debts.

Additionally, Ghana Gas owes the GNPC $604 million for raw gas purchases.

Despite implementing the Cash Waterfall Mechanism to address these debts, Ghana Gas’s liabilities continue to grow, threatening its operational viability.

Recommendations

PIAC made several recommendations to address these issues:

• The government should invest in unexploited oil fields to boost production.
• The Ghana Revenue Authority (GRA) needs to intensify efforts to recover arrears.
• The Ministry of Finance should ensure that petroleum funds are used in accordance with the Petroleum Revenue Management Act.
• The Ministry of Finance should prioritize the Industrialization Priority Area in Annual Budget Funding Amount (ABFA) disbursements.

These recommendations are aimed at improving the management of petroleum revenues and ensuring the long-term sustainability of Ghana’s oil sector and its broader economy.

By following these measures, Ghana can hope to reverse its declining oil fortunes and better harness its petroleum resources for economic development.

However, the path forward requires diligent oversight and strategic investment to mitigate the risks identified by PIAC and secure a stable financial future for the nation.

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This follows a PIAC report indicating that crude oil production in Ghana declined for the fourth consecutive year in 2023.

According to Mr Agyemang, operational issues and regulatory and governance challenges have led to a drastic decline in oil production. As a result, the sector has not seen any new petroleum agreements since 2018.

Addressing the issues of some oil fields on PM Express on JoyNews, he said that the Jubilee Oil Field, which started production in 2010, risks depletion due to operational challenges.

“Jubilee is 12 or 13 years into its production life. It’s projected to have a lifespan of 25 years. Now it’s more like halfway through its production life. So you naturally expect a decline because reservoir pressure is being depleted.

Additionally, the management of the Tweneboa Enyenra Ntomme (TEN) Oil Field has admitted operational challenges to PIAC and is working to address them, Mr Agyeman said.

“Sankofa and GyeNyame Fields are predominantly a gas field. Oil is associated with gas, so you produce more gas than oil. So it is usually expected that production, oil production from Sankofa and GyeNyame Fields will be lower than TEN and Jubilee,” he said.

On governance, Mr Agyemang believes that Ghana has not learnt lessons from its first licensing round – the occasion when a governmental body offers exploration acreage for leasing by exploration and production companies, typically in return for a fee and a performance or work obligation.

“The data represented (industry stakeholders) was of low-quality, a 2D data, where industry players if they acquired that data, have to spend extra money to process that data, bring it up to either 3D or 4D. So they shied away from that,” Mr Agyemang said.

Furthermore, he noted that the calls from supermajors like Total, Shell, ExxonMobil, and others for an increase in block sizes have been ignored for years.

“We’ve gone on roadshows as a country, led by the energy ministry. We’ve gone to South Africa, Norway, and OTC in Houston, with the same kind of data and the same kind of block sizes. Definitely, and with this energy transition on our neck, you will likely not be able to attract the right kind of investment into the space.”

PIAC 2023 Report

Throwing light on happenings in the upstream petroleum sector, the report indicated that crude oil production reduced “from a high of 71.44 million barrels in 2019 to 48.25 million barrels in 2023.”

This represents an annual average decline of 9.2%.

Of the 48 million barrels, 63% came from the Jubilee Fields, 23% from SGN and 14% from TEN.

For raw gas, a total of 255,171.97 MMSCF was produced in 2023 from the SGN Field (127,203.02 MMSCF, 50%), Jubilee (77,900.05 MMSCF, 30%) and TEN Fields (50,068.90 MMSCF, 20%). The average achieved price by the Ghana Group for all three (3) producing fields during the period under review was US$78.067/bbl.

On the back of this, the committee recommended that the government and the relevant regulatory bodies should take the appropriate steps to reverse production decline in existing fields and ensure investments in unexploited fields.

The 2023 Annual Report is in fulfilment of PIAC’s obligation under the Petroleum Revenue Management Act, 2011 (Act 815), as amended by Act 893, to publish Semi-Annual and Annual Reports.

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It report indicated that crude oil production in the upstream petroleum sector reduced “from a high of 71.44 million barrels in 2019 to 48.25 million barrels in 2023.”

This represents an annual average decline of 9.2%.

Of the 48 million barrels, 63% came from the Jubilee Fields, 23% from SGN and 14% from TEN.

“For the year 2023, a total of 48,247,036.61 barrels (bbls) was produced from the three producing fields; Jubilee – 30,444,217 bbls (63%); TEN – 6,716,278 bbls (14%) and SGN 11,086,541.61 bbls (23%).”

For raw gas, a total of 255,171.97 MMSCF was produced in 2023 from the SGN Field (127,203.02 MMSCF, 50%), Jubilee (77,900.05 MMSCF, 30%) and TEN Fields (50,068.90 MMSCF, 20%). The average achieved price by the Ghana Group for all three (3) producing fields during the period under review was US$78.067/bbl.

On the back of this, the committee recommended that the government and the relevant regulatory bodies should take the appropriate steps to reverse production decline in existing fields and ensure investments in unexploited fields.

The 2023 Annual Report is in fulfillment of PIAC’s obligation under the Petroleum Revenue Management Act, 2011 (Act 815), as amended by Act 893, to publish Semi Annual and Annual Reports.

In its second Issue Paper titled: “The Role of GNPC in the Upstream Petroleum Industry: Challenges and Prospects”, PIAC said the review of the almost 40-year-old Provisional National Defence Council Law (PNDCL) 64 was necessary for GNPC to diversify and mitigate the existential threat the energy transition agenda poses to NOCs.  

According to PIAC, GNPC could leverage its existing capabilities and resources, such as engineering and project management skills, access to capital, as well as land and infrastructure assets to engage in electricity generation and distribution, energy efficiency and management as well as energy trading and marketing.  

Furthermore, it could expand into renewable energy, such as solar, wind, hydro, and biofuels, as well as other low-carbon or carbon-neutral technologies, such as hydrogen, carbon capture and storage, and electric vehicles, PIAC said.  

It noted that the energy transition could reduce the demand and value of the core products of NOCs’, expose them to environmental, social, and governance (ESG) risks and liabilities, and undermine their competitive advantage and market share.   

This, the committee observed, has manifested in the increasing investor reluctance to fund hydrocarbon investments.  

It has, therefore, advised government to build its NOC to become a stand-alone world-class operator to handle significant portions of the nation’s activities in the upstream industry, to avoid the situation of hung resources.  

“The making of an effective NOC amid the energy transition is a complex and challenging task that requires strategic vision, innovation, and adaptation.

To survive and thrive in the transition, NOCs need to rethink their strategies and business models and explore new opportunities and markets,” the paper highlighted.

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These include but are not limited to monitoring and evaluating compliance with the Act by government and relevant institutions.

It will be in line with the management and use of petroleum revenues and investments; providing space and platform for the public to debate whether spending prospects and management and use of revenues conform to development priorities while providing an independent assessment of the management and use of petroleum revenues to assist parliament and the executive in the oversight and the performance of related functions.

These were highlighted when the National Executive members of the GJA led by President, Albert Kwabena Dwumfour paid a courtesy call on the members of PIAC in Accra, on Thursday, 1st September 2022.

The meeting deliberated on ways to collaborate to get Ghanaians informed about the management and use of petroleum revenues by actors in government and how to equip journalists with relevant knowledge and information through capacity-building training.

The appointment of a new member to the Committee to serve the interest of the GJA was also discussed.

On this topic, the GJA President said consultations have been done widely and the needed procedures will be followed to ensure that the nominee, Nana Kwaku Dei (Mr Ransford Tetteh) is sworn in as a member of PIAC.

The Chairman of PIAC, Prof Kwame Adom-Frimpong l, congratulated the new GJA national executives and pledged that the Committee will work with them to get its activities and periodic reports to the general public.

Speaking with Parker Wilson on Burning Issues, the Coordinator of the Committee, Isaac Dwamena, said there is no doubt that the country is benefitting from the mining yet the rating is not encouraging.

He points out free Senior High School (SHS) and other projects as some of the benefits from the mining.

“As for profit, there is no doubt that the country has benefited from the oil and fuel mining, meanwhile, it is the rating that isn’t enough. It is about 6.5% if rated.”

“Oh the free SHS is one of the benefits the country has derived from the oil and fuel mining. Another is the Atuabo gas Processing Plant where 850 million USD was used to pay for the project,“ he said.

Isaac Dwamena went on to reveal that despite Ghanaians benefiting from the mining, 31.2 billion US Dollars has been contracted from the extraction of oil and fuel yet, only 6.55 billion dollars has gone to Ghana’s account.

This, he said, is because Ghana does not have mechanisms in detecting fuel as it takes deep research to perceive fuel or oil in the land.

The country has no option than to invite any other country with such mechanism to execute the work.

With that, Ghana has to sponsor or take care of some charges after the fuel is being detected.

“Amount contracted from the extraction of fuel and oil for the past 10 years is USD 31.2 billion and the amount Ghana has acquired is USD 6.55 billion. The reason is, it wasn’t so certain that Ghana truly has oil or fuel in the land and it takes deep research before one could perceive whether or not there is.

“Ghana required the machine to be able to perceive and had to invite another with those mechanisms to execute the work and the country would have to deduct their money spent on the mining after the fuel or the oil is finally detected and exhumed,” he clarified.

The Member of Parliament for Nsawam-Adoagyiri, Frank Annoh-Dompreh, has called on the Public Interest and Accountability Committee (PIAC) to withdraw what he describes as mischievous and false publication over the construction of some markets in his constituency.

According to PIAC, although funds have been generated from the petroleum revenue for the construction of two markets in the Nsawam-Adoagyiri community, the project has not materialized. PIAC, therefore, raised issues of misappropriation against the Assembly.

Speaking to JoyNews’ Kwesi Parker-Wilson, Mr Annoh-Dompreh rejected the claims, stating that there has been no form of misappropriation under his watch.

The MP, however, explained that there were some controversies surrounding Nsumia and Otukwadwo, over the construction of markets at these sites. Because of the challenges, works were halted.

“There was a challenge. It was communicated to them. I must be fair to them. There was a challenge with places like Nsumia in terms of site and Otukwadwo. We were only able to confirm for Nsawam. So the contractor engaged me and was seeking my opinion if we should wait for us to get all the three places before construction work can begin.

“I said ‘no, at least let’s start with Nsawam, where we don’t have a controversy with the site.’ So we were still in talks trying to get the place, Nsumia and Otukwadwo resolved. We were unable to resolve it. So they went ahead and constructed the one for Nsawam and was completed. It was commissioned,” he added.

According to Mr Annoh-Dompreh, two sheds were built each with 24 cubicles, a water system and storage facility.

“Otukwadzo never benefited from the market shed. Obviously because we could not agree on a venue for the market,” he stressed.

In view of this, the Nsawam Adoagyiri MP has demanded that PIAC withdraws its report and render an unqualified apology.

“So the PIAC report is quite mischievous and I don’t know why they would not do their cross-checking. So I demand of the PIAC to come out and do the correction and render an unqualified apology for the pain they have caused the assembly.”

He indicated that the staff of Nsawam Adoagyiri Assembly are very diligent and would not condone any act of corruption in order to siphon money from the state.

The Public Interest and Accountability Committee (PIAC) has revealed a rural market project funded with petroleum revenue does not exit.

The rural market project and mechanized boreholes supposedly built at Otu-Kwadjo in the Nsawam Adoagyiri constituency in the Eastern cost the country GH¢920,354; out of which GH¢190,707 was sourced from the annual budget funding amount.

The contract was awarded through the Ministry of Special Development Initiatives to Basham Company Limited on January 29, 2019 and was expected to be completed after six months.

However, a tour by PIAC, the statutory body mandated to promote transparency and accountability in the management of petroleum revenues in Ghana, revealed that the project does not exist.

A member of PIAC, Allhaji Ahmed Suleman Anderson, who led the delegation in an interview on Adom FM’s morning show, Dwaso Nsem Thursday expressed shock at the development.

Even shocking, he noted, is that residents at Out-Kwadjo said the only borehole in the community was built several years ago.

The PIAC member blamed the development on the lack of involvement of communities and beneficiary institutions in the project selection and/or implementation, making tracking and demand for accountability difficult.

Alhaji Anderson added that PIAC would send a special report to the Presidency and Parliament about the discrepancies in the market project at Otu-Kwadjo.

Listen to attached audio for more:

“The cut-off grades for admitting students should be restored, as students with poor grades struggle with subjects during the course of the term,” PIAC argued.

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The body further argued that the abolition of cut-off grades in the admission of students has led to a situation of ‘dumping of poor-grade students’ in schools, particularly in deprived schools.

These were contained in a report released by the Committee, following its nationwide monitoring exercise undertaken in 2018 and 2019 on the implementation of the Free SHS programme by the government.

The exercise was in line with the Committee’s mandate of monitoring and evaluating compliance with the Petroleum Revenue Management Act, 2015 (Act 815) as amended in the management of petroleum revenues, and conducting independent assessments of the management and use of these revenues.

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The Committee in its report also urged the government to expedite action on the provision of infrastructure facilities to end the double-track system, extend contact hours, and relieve teaching staff of the attendant extra pressures.

The exercise covered 51 schools across eight regions, comprising, Ashanti, Brong Ahafo, Central, Greater Accra, Northern, Upper East, Upper West, and Western regions.

According to PIAC, an observation into a report on the implementation of the Free Senior High School (SHS) indicated that most schools have been deprived of basic infrastructure due to the ban on collection of PTA dues.

Speaking in an interview on Accra-based Citi FM, Mark Agyemang, Technical Manager at PIAC said the Committee was optimistic the lifting of the ban would improve infrastructural development in schools.

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“We want the ban to be lifted so that the PTA can function to help the schools and there should be a system in place where the PTA can function independently outside the school system,” he said.

GES, in January 2019, called for the suspension of PTA dues collection in all Senior High Schools in Ghana, saying the dues was a financial burden on parents.

The outfit justified its demand, saying it was concerned about the proliferation of all manner of levies under the guise of PTA dues.

The Public Interest and Accountability Committee (PIAC), is predicting doom for Ghana following the cancellation of the Power Distribution Services (PDS) concession agreement.

Chairman of the Committee, Dr Steve Manteaw, who made the prediction said Ghana may lose development aid from the United States and her allies who value the sanity of contracts.

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“This decision by the government to cancel this PDS contract will greatly affect the country. Ghana will lose aids from the US, trust me, with this decision; to get aid from America will be very difficult. And also from allies, possibly the World Bank, the EU and any other country that values [the sanctityof] contracts will all advise themselves,” he told Accra-based Neat FM monitored by Adomonline.com.

His comment follows a statement from the Embassy of the United States of America regarding the Government of Ghana’s decision to terminate the Concession Agreement.

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The United States of America had, in a statement to the government of Ghana, said it had taken note of GoG’s decision with regret.

“As such, MCC has confirmed that the $190 million funds granted to Ghana at the March 1 transfer to the 20-year concession from ECG to PDS are no longer available,” the MCC said in its statement.

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Dr Manteaw indicated that the government’s posture in the ongoing back and forth could have dire developmental consequences for Ghana in its dealings with the US.

He noted that one thing that the US detests is a country that stands up to its authority, saying he believes that is how Ghana, which to him we will augur well for the country.

Listen to audio above

Source: Adomonline.com|Dorcas Abedu-Kennedy

Of the five oil revenue funded projects, PIAC gathered critical and convincing information from all the actors involved in the implementation.

Dr Steve Manteaw, the Chairman of PIAC, said this at the commissioning of the PIAC’s new office on Thursday.

PIAC is a non-political citizens-led additional oversight body that is aiding the ordinary citizen to receive regular information on the use of Ghana’s petroleum revenues.  

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He said, “Some of them when you look at official government records and the implementing agency, it says the project has been implemented but on the ground, nothing has happened.  

“So we want answers to those questions such as where the money went and why the projects are none existent,” he said.

Throughout their affairs, Dr Manteaw said, one the calls made by the public has been the inclusion of monitoring the mining sector revenue to PIAC’s mandate.

He said “the reason citizens of resource-rich countries are often up in arms, was that, so much wealth is generated from the extraction of their common heritage, and that is what gold, timber, oil, and gas is to the people of Ghana.

“The ordinary people become more impoverished; livelihoods are lost, environment degraded, and the people’s sense of security shattered, often with little or no compensation.”

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Abena Osei Asare, a Deputy Minister of Finance, said government is committed to supporting the PIAC to deliver on its mandate of ensuring the prudent management of petroleum resources and efficient utilization of the revenue for the development.

She said in line with government’s quest to ensure transparency, competitive bidding was for the first time opened for oil blocks.

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Madam Osei Asare said oil resources were also used to finance critical sectors of the economy including agriculture, education, roads railways and health.

Emmanuel Kuyole, the Executive Director of Centre for Extractives and Development Africa (CEDA), urged PIAC to remain focused to serve the public interest and ensure accountability on the use of oil and gas revenues.

“PIAC has done a lot by providing information to the public but more needed to be done to ensure value for money,” he said.

Source: GNA

The Chairman of the Public Interest and Accountability Committee (PIAC), Dr Steve Manteaw has accused state investigative bodies of failing to discharge their duties according to the mandates given them.

Dr Manteaw has justified his accusation by referring to the fact that it has mostly taken investigative journalists to conduct investigations and ensure that corrupt officials are fished out before such state bodies get to work.

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“Sometimes I find it hard to understand why our state investigative institutions, especially the CID refuse to work. They are all sleeping till a private investigator goes out to investigative corrupt officials before they get to work. They are always waiting for the president to give directions before they work. This doesn’t speak well of this country,” he told Accra-based radio station, Neat FM, monitored by Adomonline.com.

The Commission on Human Rights and Administrative Justice (CHRAJ) and the Office of the Special Prosecutor (OSP) have been instructed by the president to investigate the allegations of a possible conflict of interest situation involving the PPA boss, AB Adjei.

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The President has also notified the Chairperson of the Board of the PPA to ensure that Mr Adjei hands over his office expeditiously to Mr Frank Mante, the Deputy Chief Executive Officer of the PPA.

But Dr Manteaw believes the failure of these state institutions to discharge their duties is the cause of corruption in the country.

Speaking on the way forward, Dr Manteaw urged Ghanaians to be patient as the institutions asked to take over the matter complete their work.

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He, however, expressed delight at President Akufo-Addo for not referring the issue to EOCO and the CID because they have failed to live up to expectation in the past.

He opined that Ghana needed some institutional reforms in terms of dealing with corruption and procurement-related fraud.

Source: Adomonline.com|Dorcas Abedu-Kennedy

The Public Interest and Accountability Committee (PIAC) believes the suspension of the Concession Agreement between the Electricity Company of Ghana (ECG) and the Power Distribution Services (PDS) is an opportunity for ECG to show that it is indeed capable.

Chairman of PIAC, Dr Steve Manteaw on Asempa FM’s Ekosi Sen show is, therefore, charging the ECG to prove that it is capable of discharging its duties when given the opportunity fully.

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“Now that ECG is taking over after PDS fiasco with an entire tariff adjustment, there is an opportunity for ECG to demonstrate to Ghanaians that it is capable,” he said.

The government suspended the concession agreement with PDS last Monday for what it described as “fundamental and material breaches of PDS’ obligation in the provision of Payment Securities for the transaction.”

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Government says it has formally commenced a full-scale inquiry into the detected breaches on the PDS contract and has disclosed the investigations would be completed within 30 days.

However, Dr Manteaw is of the view that in order to safeguard the integrity of the investigative process, it should be bi-partisan.

To him, one sided investigations by the government would only compromise the investigations politically.

Source: Adomonline.com | Dorcas Abedu-Kennedy

Chairman of PIAC, Dr Steve Manteaw, encourages the ministry to take steps to halt what is becoming an emerging trend of unspent Annual Budget Funding Amount (ABFA).

In two years, budgeted but unspent and unaccounted for oil money amounted to Gh¢652,292,311.00.

“When you budget and you don’t spend, it speaks of a certain lack of budget compliance because in reporting to PIAC, whenever there are unspent money, the government must provide an explanation.

“The citizen demands to know why the monies that were allocated were not utilised because these were revenues that were realized and allocated. The public needs to know why the ministry in spite of the availability of the funds, did not use the money,” said Dr Manteaw.

He said public knowledge of the reasons for unspent money will make for better transparency and ensures accountability.

Unspent money break-down

Ghana’s Petroleum Revenue Management Act mandates the state to disburse funds from the Petroleum Holding Fund.

It is meant to support the national budget in the form of the Annual Budget Funding Amount (ABFA).

When money allocated to the fund is unspent, it should be returned to the Petroleum Holding Fund for accountability purposes.

However, in 2017, PIAC report revealed 403 million Ghana cedis unspent money was unaccounted for.

In the year under review, the government programmed GH¢1.55 billion as ABFA expenditure for 2018 and indicated that it included the GH¢403 million (now GH¢440 million as a result of exchange rate gains), being the outstanding balance from 2017.

PIAC’s analysis reveals that the GH¢1.55 billion was exactly 70 percent of the net petroleum revenues, in line with the provisions of Act 815, hence, could not have included the GH¢440 million.           

The Ministry indeed, confirmed this in a meeting with PIAC held on April 18, 2019, where it explained that because the 2018 budget was presented in September 2017, and the GH¢440 million had been approved by Parliament for spending in that  year (2017), it couldn’t have been included in the 2018 budget for Parliamentary approval.

However, in detailing out the programmed expenditure in respect of the GH¢1.55 billion, the Ministry included the GH¢440 million balance from 2017.

The Ministry’s initial representation of the data was misleading and attempted to create the impression that the GH¢440 million unspent amount from 2017 had duly been accounted for.

Subsequently, the Ministry has agreed the GH¢440 million remains outstanding from 2017 to be brought forward into the 2019 budget for Parliamentary approval before it is spent.

Despite repeated questioning by the committee, there is still no closure to the issue.

The 2018 report also reveals another unspent GH¢252 million which when added to the unspent balance of 2017, brings the total unspent ABFA to GH¢652,292,311.00.

Implications of the trend of unspent budget

Chairman of PIAC, Dr Steve Manteaw, says the emerging trend is unacceptable though government officials explain the money is in a single treasury account.

He says the recurrent development speaks of the continued lack of budget compliance whiles government go round borrowing funds for state projects like the loan to construct the Terminal 3 of the Kotoka International Airport.

Meanwhile, total petroleum receipts paid into the Petroleum Holding Fund in 2018 was $977,093,285.00.

So If the Kotoka International Airport’s Terminal 3 cost $350 million dollars to build, then the 2018 revenue could have built almost three of its kind.

“If you have such money sitting in a certain account and you keep going around borrowing money I don’t think it speaks well of how we are managing the public financial resources of the country”, Dr Manteaw said.

If money is allocated to the finance ministry for spending and they deposit the unspent amount in a different account without alerting PIAC, then it makes it difficult for PIAC to fulfill its mandate of reporting how oil revenue is spent to the citizens.

The law that established PIAC does not provide it with the mandate to go into other accounts like the treasury single account. It only has the mandate to go into the Petroleum Holding Fund.

“So if the intent of the Petroleum Revenue Management Act is to ensure full accountability, then PIAC would want that any unspent money must return to the Petroleum Holding Fund for re-budgeting so that PIAC can track and report to the people of Ghana.”

Lack of supervision and disregard for financial laws

The Public Financial Management Act requires that when monies are allocated for projects and entities of state who implement these projects by close of the year must report to the ministry with expenditure returns.

But according to Dr Manteaw, many of these companies do not submit their expenditure returns as compelled, but the finance ministry continues to allocate monies to these implementing agencies.

“It has to do with partly the lack of enforcement of our laws…these create this situation of impunity that we find on the part of implementing agencies where monies spent are probably not accounted for”.

“The other reason is lack of proper supervisory arrangement, mostly because projects are often contracted from Accra without fore-knowledge of the beneficiary entities, and these create opportunities for shoddy works or some instances the no implementation of”.

Parliament is, therefore, being encouraged to take steps to ensure the Finance Minister complies with the budget, as approved to curtail the occurrence in subsequent budgets.

Source: Prince Appiah | Luv FM

Steve Manteaw who heads the Public Interest Accountability Committee (PIAC) is completely bemused over the apparent state of inertia by the country’s customs officials to get to the bottom of the matter.

The Vice President Dr Mahamudu Bawumia in January this year revealed that about $7 billion of gold exports were unaccounted for from Ghana to the United Arab Emirates.

Swiss Ambassador to Ghana Roland Fischer also said Switzerland imported over $2 billion worth of gold from in 2016 alone.

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But, official records show that Ghana exported less than $2 billion worth of gold during the year under review.

This, Manteaw believes is unacceptable. According to him, the Customs officials should have investigated the matter by now.

Steve Manteaw

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“The way my view you do this is to trace the transaction backward. So I would expect our Customs Officials will get in touch with our counterparts in these countries-Dubai and Switzerland- and try to obtain further information from them in terms which companies imported the gold into their countries.

“Based on the import documentation it will be possible to trace who the exporters from Ghana were. So that once you get the data from Ghana who did the export then you will try to take it further by finding out how the exports were done and why they were not captured,” he explained.

He was surprised nothing has been done about such a serious matter.

Cartel Plot

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Head of the Africa Center for Energy Policy (ACEP) Ben Boakye attributed the canker to a cartel operating within the West Africa sub-region with contacts to officials at the country’s ports.

Ben Boakye

According to him, the agents of these cartels have identified loopholes within the mining and exportation system which they are exploiting.

Even more, worrying for Mr. Boakye is the country’s inability to track how much gold is produced within a period.

“We must know how much gold is produced, including, those from small-scale miners,” he added.

Apart from that, he bemoaned the sloppy border control regime in the country and called for its strengthening.

He said the country must be able to account for what is extracted from the ground, as a first measure of fighting the canker.

Former Minerals Commission head, Dr. Tony Aubyn also confirmed there is a gold smuggling syndicate who uses neighboring, non-producing gold countries to export the mineral.

According to him “gold is a commodity which people can put in their pockets and travel with it.”

“This has to be properly investigated,” he said adding it constitutes a huge leakage of the country’s revenue.

PIAC in its 2017 report said 50 percent of the projects inspected in the Upper East, Upper West, and Northern Regions all funded with petroleum revenue could not be traced.
READ MORE: Oil-funded projects can’t be found in three regions – PIAC
Dr. Manteaw, who is also a policy analyst with the Integrated Social Development Centre (ISODEC) revealed on Monday that PIAC will soon meet the Auditor-General ‘s Department about their findings.
He added that the Committee is exploring many options, including court action, to punish persons the report has found culpable of misusing oil revenues.
Meanwhile, a former deputy Minister of Power, John Abdulai Jinapor, has refuted the claim by PIAC that 50 percent of oil-funded projects are non-existent.
“The report is not just misleading, but a clear attempt to twist facts and to serve political parochial interest,” Mr Jinapor said in a release on Wednesday, 11 April 2018.
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Vigilance
Contributing to the discussions on the programme, Executive Director of the Kumasi Institute of Technology, Energy and Environment, Ishmael Agyekumhene, expressed concern over the poor allocation of the of oil revenues.
Mr Agyekumhene is of the view that the oil revenues must be allocated for legacy projects.
Executive Director of Centre for Extractives and Development-Africa, Emmanuel Kuyole, also said the public and the various civil society organizations must remain vigilant on how the government uses oil revenue.
Mr Kuyole questioned why the Finance Ministry has not released a detailed information on how oil revenues were allocated to sectors such as Health, Agriculture and roads in 2017.
WATCH: VIDEO: Fabewoso: Oil cash blown on ghost projects
He further cautioned the current government not to repeat the mistakes committed by the previous administration in the application of oil funds.
Mr Kuyole also urged Parliament to commend PIAC for supporting its oversight role in ensuring proper utilisation of Ghana’s oil revenue.