According to the Committee’s 2025 Annual Report, GNPC and Explorco must immediately account for the outstanding revenue and deposit the funds into the Petroleum Holding Fund (PHF) to safeguard Ghana’s petroleum earnings. “Explorco, a subsidiary of GNPC, has failed to account for petroleum revenue due the Republic of Ghana to the tune of US$561,648,785.37 between 2022 and 2024, after numerous calls by PIAC for the revenues to be accounted for and deposited into the Petroleum Fund,” the report stated. Crude oil production in Ghana declines sharply – PIAC report“GNPC and its subsidiary, Explorco, should account for petroleum revenue amounting to US$561,648,785.37 due government and deposit same into the PHF,” the committee advised. The report also highlighted a sharp decline in GNPC’s receipts in 2025, which fell by 61.55 percent compared to 2024. “This increases GNPC’s cash call debt stock and leads to a potential reduction of revenue available for Partners for reinvestment in the Field,” the report warned.

Source: GhanaWeb April 08, 2026 14:34 UTC