Ghanaian President, John Dramani Mahama
The quest of the John Darmani Mahama’s to seek for a $3 billion International Monetary Fund (IMF) loan upon Ghana’s oil fields generating over $1.3 billion in 2024 has reignited public concern over whether the country’s petroleum revenue is being effectively managed.
Business Hilights Ghana Bureau Chief, Mathew Atte reports that enlightened citizens are questioning the effective management of the oil revenue since the discovery and resumption of oil exploration in Ghana.
At a recent public forum in Asesewa in the Upper Manya Krobo District, organised by the Public Interest and Accountability Committee (PIAC), experts argued why the need for IMF loan when the oil exploration has come to grow the economy after all.
The forum was attended by society groups, security agencies, and faith-based organisations to examine how oil revenues are utilised for inclusive development.
The gathering spotlighted growing frustration over stalled development projects, unpaid revenues, and declining production – raising urgent questions about transparency, accountability, and the real impact of Ghana’s oil wealth on local communities.
The discussion pitched towards the need for promoting greater transparency and accountability in Ghana’s petroleum revenue management and utilisation.
Ghana’s three major oil fields-Jubilee, Sankofa-Gye Nyame, and Tweneboa-Enyenra-Ntomme (TEN)-collectively produced over 48.2 million barrels of crude oil in 2024, generating about $1.3 billion in national revenue.
Yet, the country’s decision to seek a $3 billion bailout from the International Monetary Fund (IMF) has sparked renewed debate about whether the Ghana’s oil wealth is being transparently managed to support real development.
Established under Section 51 of the Petroleum Revenue Management Act (PRMA), 2011 (Act 815), PIAC serves as an independent statutory body mandated to monitor and evaluate the management and use of petroleum revenues and ensure that government and relevant agencies comply with the provisions of the Act.
Delivering the keynote address, Mr. Kwesi Lawer, the Upper Manya Krobo District Chief Executive, emphasised the importance of stakeholder engagement in ensuring that petroleum revenues were directed toward impactful development projects.
He reiterated that the Act empowered citizens to demand accountability and encouraged platforms for public debate on the priorities and prospects of oil-funded development.
“This engagement provides the opportunity for citizens to assess how oil money is being used to address the real needs of communities,” he added.
He noted that some petroleum-funded projects in the district had not been completed, including the construction of rural markets and boreholes at the Asesewa Market.
Others included regraveling of the Abourso-Asesewa Road, and bitumen surfacing of the Korlewa-Apimsu-Sawah-Asesewa Road—despite full payments.
The DCE urged contractors to accelerate their work and ensure high-quality delivery.
Mr. Samuel Bekoe, a PIAC member representing Think Tanks, walked stakeholders through how Ghana’s oil is drilled and how revenues are distributed.
He reported that Ghana’s three major oil fields collectively produced over 48.2 million barrels of crude oil in 2024, earning the country approximately $1.3 billion.
“Compare this to the $3 billion loan Ghana is seeking from the IMF, and it tells you that our oil revenue alone is substantial if well managed,” he added.
Despite the revenue gains, PIAC expressed concern about declining crude oil production and unpaid revenues.
