The Public Interest and Accountability Committee (PIAC) is intensifying calls on Explorco, a subsidiary of the Ghana National Petroleum Corporation (GNPC), to provide a full accounting for US$561 million in petroleum revenues and ensure the funds are deposited into the Petroleum Holding Fund (PHF).
This directive comes after reports indicated that Explorco did not remit the owed revenues to the Government of Ghana between 2022 and 2024.
At the launch of the 2025 PIAC Annual Report, Chairman Richard Ellimah stressed the importance of adherence to regulations to promote transparency and proper management of the country’s oil earnings.
“One of our key findings is that Explorco, under GNPC, has repeatedly failed to account for petroleum revenues amounting to $561 million over the period 2022–2024, despite multiple requests by PIAC to remit these funds to the Petroleum Holding Fund,” Ellimah said.
He added, “We have engaged in numerous discussions with GNPC on this matter, yet neither side has changed its stance. We continue to assert that the $561 million obtained by Explorco from its petroleum operations belongs to the people of Ghana and should be transferred to the PHF. GNPC disagrees, but our recommendation remains that the funds be returned to the Petroleum Holding Fund for public benefit.”
The ongoing dispute between PIAC and Explorco highlights persistent concerns over transparency and accountability in managing Ghana’s petroleum revenues.
This unresolved situation has renewed attention on the need for clear regulations and stricter enforcement mechanisms within the sector.