The Public Interest and Accountability Committee (PIAC) is intensifying pressure on Explorco, a subsidiary of the Ghana National Petroleum Corporation, to account for and remit US$561 million in petroleum revenues into the Petroleum Holding Fund (PHF).
The demand follows findings that Explorco failed to transfer the funds due to the Republic of Ghana between 2022 and 2024.
Speaking at the launch of the 2025 PIAC Annual Report, Chairman Richard Ellimah stressed the need for strict adherence to petroleum revenue management laws to ensure transparency and accountability.
He noted that despite repeated engagements between PIAC and GNPC, the issue remains unresolved, with both parties maintaining opposing positions.
According to him, PIAC maintains that the $561 million generated from Explorco’s petroleum liftings belongs to the people of Ghana and must be deposited into the Petroleum Holding Fund.
However, GNPC has not agreed with this position, leading to a prolonged impasse between the two entities.
PIAC has therefore recommended that the funds be returned to the PHF to uphold transparency and ensure proper management of the country’s petroleum revenues.
The standoff highlights ongoing concerns about accountability within Ghana’s oil sector and brings renewed attention to the need for clearer regulatory enforcement and oversight.