The Public Interest and Accountability Committee (PIAC) has urged Parliament to enhance efforts by the Ministry of Energy and its agencies to attract fresh investments into Ghana’s upstream petroleum sector. The committee expressed concern over a downturn in the industry, noting a decline in crude oil production for five consecutive years and difficulties in securing new capital for exploration and production activities.
During a media engagement in Tamale focused on petroleum revenue management, PIAC emphasized that operationalizing the Onshore Petroleum Exploration and Production Policy, along with reviewing the Petroleum Revenue Management Act (Act 815) and Act 919, is essential for revitalizing the sector. These initiatives are expected to strengthen the regulatory framework, boost investor confidence, and optimize petroleum resources for sustainable growth.
PIAC reiterated that proceeds from GNPC Explorco’s lifting represent indirect state participation and must be directed into the Petroleum Holding Fund. The committee also called on the Ghana Revenue Authority, Petroleum Commission, Bank of Ghana, and Ministry of Energy to collaborate in recovering outstanding surface rental arrears.
Additionally, PIAC advised the government to expand gas infrastructure capacity and clearly define programs under Priority Areas before making allocations. The committee urged closer scrutiny of the Ghana National Petroleum Corporation’s rising expenditures compared to revenues, highlighting the need for Parliament to protect GNPC and its subsidiary from government loans and guarantees. Mark Agyemang, PIAC’s Technical Manager, reminded journalists of their crucial role in monitoring government activities and providing accurate reports on petroleum revenue use, while media representatives called for stronger collaboration to enhance public education on the topic.