| Getting your Trinity Audio player ready... |
Ghana’s upstream petroleum sector has recorded its lowest crude oil production levels in five years, according to the Public Interest and Accountability Committee (PIAC). The watchdog also warned that the industry is struggling to attract much-needed investment.
Speaking at a media engagement in Tamale on petroleum revenue management, Mr. Richard Ellimah, Chairman of PIAC’s Technical Sub-Committee, urged government and stakeholders to adopt proactive measures to revitalise exploration and signal commitment to investors.
He stressed that ongoing reviews of the Petroleum Revenue Management Act (PRMA) and Act 919 are critical to building a streamlined regulatory environment that positions Ghana competitively in the global energy market.
PIAC has recommended that Parliament direct the Ministry of Energy and its agencies to intensify efforts to secure investment for the sector. The committee also reiterated that revenues from the Ghana National Petroleum Corporation’s (GNPC) crude liftings represent indirect state participation and must be channelled into the Petroleum Holding Fund.
Among other recommendations, PIAC called for:
- Stronger collaboration between the Ghana Revenue Authority, Petroleum Commission, Bank of Ghana and Ministry of Energy to recover surface rental arrears.
- Expansion of gas infrastructure to absorb more raw gas.
- Clear government programmes tied to priority investment areas.
- Stricter compliance with regulations on the Ghana Stabilisation Fund (GSF).
- Closer monitoring of GNPC’s rising expenditure on the TEN field relative to its revenue.
Mr. Ellimah emphasised that without bold reforms and renewed investment, Ghana risks further decline in a sector that has been a key driver of its economy over the past decade.
