ThePublic Interest and Accountability Committee (PIAC) has reiterated deep concerns over what it describes as unsatisfactory explanation to the actual entitlement of over $500 million petroleum revenue accrued by oil lifting firm Explorco, a subsidiary of the Ghana National Petroleum Corporation (GNPC).

The commission decry that, Explorco has over the years failed to give convincing account on petroleum revenue of $ 561,648,785.37 due the state after relentless calls by the PIAC.

The PIAC told journalist in the Bono East Region during its media engagement that, it will continue to explore all available avenues to ensure the funds are accounted for in the interest of all Ghanaians.

Richard Ellimah, Chairperson of PIAC made the call in Techiman when the commission embarked on a tour in the Bono East Region to monitor and evaluate the effective use of petroleum revenues on various structures in the region.

He also dreaded a possible decline in investor confidence in Ghana’s Oil and Gas industry as petroleum production faces gradual decline with revenues falling marginally.

The commission says, it’s latest report released on the 8th of April, 2026 discloses serious structural weaknesses which has the potential to discourage investors.

The report placed particular concerns on the reluctance of Explorco, a subsidiary of GNPC to deposit a petroleum revenue due the Republic of Ghana of over 500 million Dollar into the Petroleum Holding Fund, a situation the PIAC leadership says, raises serious accountability and transparency concerns.

Lawyer Constantine Kudzedzi, a member of the Committee bemoaned that, the contented funds had remained outstanding for more than five years and had not been transferred into the Petroleum Holding Fund despite several efforts.

“We are very worried about it because that’s a lot of money, 561 million dollars. It’s time we bring an end to that issue. Maybe we have to take to the court for a firm declaration by the Supreme Court on that mater wether those funds constitute petroleum funds and are payable to the Petroleum Holding Funds then the matter is settled,” he declared

Financial constraints at the GNPC and a break in inflows from the TEN field were key among the observations and findings in the report.

The report disclosed that, crude oil production declined for the sixth consecutive year in 2025 causing production to drop from a high of 71.44 million barrels in 2019 to 37.3 million barrels in 2025.

PIAC in its latest report also observed a persistent gas tariff differentials resembling the Discounted Industrial Development Tariff (DIDT)

Key Recommendations
PIAC in it’s latest report recommended the government to develop a framework to improve investments in existing fields, publish full project details on the Accra – Kumasi expressway project and also develop a broad-based long term development plan approved by parliament to guide the utilization of resources.

Additionally, the PIAC want the government to implement a time-bound debt amortization framework integrated into the cash waterfall mechanism to strengthen financial resilience.

Chairman of the Ghana Journalists Association, Frederick Antwi lauded PIAC for the engagement and called for more collaborations in a bid to provide the media with sufficient details on petroleum revenue usage.

“This sensitization has been an eye opener to most of us in the media space, hitherto, we never new most of these projects that were funded by petroleum revenues in our region. We than them and called for more engagements by PIAC to provide us with more fact-checking information “.

Reporting by Dauda Zul-kiful, Bono East Region