Ghanaian President, John Dramani Mahama
Fresh report on the performance of Ghana economy under the Oil and Gas economy has revealed steady decline in revenue for five consecutive years by falling from 48.2 million barrels in 2023 to 44.1 million barrels in 2024, an 8.51% drop.
Another revelation from the Ghana News Agency (GNA) said GNPC Explorco failed to pay $145 million from its 2024 liftings into the Petroleum Holding Fund (PHF), bringing the cumulative unpaid amount to over $400 million.
The PIAC maintains that these liftings do not constitute payments into the PHF and should not be excluded from public financial oversight.
Further compounding the issue is the increasing surface rental arrears owed by International Oil Companies (IOCs), which stood at over $2.7 million by the end of 2024.
Approximately 88 per cent of these arrears are owed by companies whose Petroleum Agreements were terminated as far back as 2021.
Mr. Isaac Dwamena, Coordinator of PIAC, disclosed that 2024 marked the fifth straight year that Ghana failed to sign a new Petroleum Agreement, despite efforts by the Ministry of Energy to attract investors into the upstream oil sector.
He noted that, despite these setbacks, total petroleum revenue in 2024 increased by 27.8 per cent, from US$1.06 billion in 2023 to $1.36 billion in 2024, largely due to favourable pricing.
“This performance ranks as the second-highest annual petroleum receipt since production began, with 2022 still being the peak year at $1.42 billion,” he added.
The PIAC recommended urgent actions, including the recovery of surface rental arrears, expanding gas infrastructure to absorb more raw gas, and clearer prioritization of development projects.
It also urged Parliament to enforce proper capping regulations for the Ghana Stabilisation Fund and prevent GNPC from taking on excessive loan guarantees.
The forum ended with a call for continued civic engagement to ensure Ghana’s petroleum resources are not only accounted for but used to improve lives in communities like Upper Manya Krobo.
