The Public Interest and Accountability Committee (PIAC) has raised red flags over the Ministry of Finance’s failure to deposit $70 million in proceeds from Jubilee Oil Holding Limited (JOHL) into the Petroleum Holding Fund (PHF). This oversight has contributed to a staggering $343 million in unpaid revenue in the PHF by the end of 2023, potentially breaching the Petroleum Revenue Management Act (PRMA).
PIAC has also highlighted a worrying decline in crude oil production, high development and production costs in the TEN field, and criticized the retention of the $100 million cap on the Ghana Stabilisation Fund (GSF) for 2023. The Committee has urged the government and regulatory bodies to implement measures to reverse the production decline, encourage investment in untapped fields, and ensure that proceeds from JOHL and other GNPC subsidiaries are deposited into the PHF.
Additionally, PIAC has called on the Ghana Revenue Authority (GRA) to recover outstanding surface rental arrears worth $2 million and has emphasized the importance of consistent disbursements to the District Assembly Common Fund. The Committee’s recommendations aim to ensure transparency and accountability in the management of Ghana’s petroleum resources.
