… Asigbey also renewed calls for the passage of a Minerals Revenue Management Act, similar to the Petroleum Revenue Management Act, to ensure transparent and prudent management of mineral revenues. …
… t for the US$434.55 million in Annual Budget Funding Amount (ABFA) resources, reportedly held in a suspense account under the Big Push infrastructure programme and provide full disclosure on the status of all ABFA-funded projects, in line with the Petroleum Revenue Management Act …
… mmittee (PIAC), the independent body that monitors the management of Ghana’s petroleum revenues, questioned why proceeds from the sale of oil through JOHL were not being paid into the Petroleum Holding Fund (PHF), the account established under the Petroleum Revenue Management Act …
… The inspection formed part of PIAC’s statutory mandate to monitor and evaluate use of petroleum revenues under the Petroleum Revenue Management Act (PRMA). …
… l to the controversy is whether Explorco, as a commercial subsidiary of GNPC, can legally retain proceeds from petroleum liftings outside the Petroleum Holding Fund structure or whether all such revenues must accrue directly to the state under the Petroleum Revenue Management Act …
… Speaking at a media engagement on PIAC’s 2025 Annual Report over the weekend, the Chair of PIAC’s Technical Sub-Committee, Samuel Bekoe, said the Petroleum Revenue Management Act requires the cap on the fund to be calculated based on the average expected petroleum revenue for a t …
… PIAC recommends bringing the fund back under the Petroleum Revenue Management Act so it can receive money from the Annual Budget Funding Amount for commercial projects. …
… The Petroleum Revenue Management Act created institutional frameworks for saving and spending oil revenues, but the share directed toward productive industrial investment as distinct from consumption subsidies and infrastructure has been limited. …
… The Petroleum Revenue Management Act created institutional frameworks for saving and spending oil revenues, but the share directed toward productive industrial investment as distinct from consumption subsidies and infrastructure has been limited. …
The Ghana Chamber of Mines has renewed calls for mining communities to receive at least 30 percent of the country's mineral royalties, arguing that the current allocation of about eight percent to traditional authorities and local assemblies is inadequate to meet development needs. The call emerged during an inspection of two road projects funded by Gold Fields Ghana Foundation in mining host communities.
The Ghana Chamber of Mines has renewed calls for mining communities to receive at least 30 percent of the country's mineral royalties, arguing that the current allocation of about eight percent to traditional authorities and local assemblies is inadequate to meet development needs. The call emerged during an inspection of two road projects funded by Gold Fields Ghana Foundation in mining host communities.
The Natural Resource Governance Institute has warned that Ghana's strong gold exports and improved fiscal position mask structural weaknesses in the petroleum sector and governance gaps that require urgent reform. Ghana's oil production is projected to decline to 37.95 million barrels in 2026 from 46.35 million in 2025 due to maturing fields and reserve depletion.
GNPC Explorco acquired a 7% stake in Ghana's Jubilee and TEN oil fields through Occidental Petroleum's 2019 divestment following its US$55 billion acquisition of Anadarko. A legal disagreement persists over whether revenues from the asset should be paid into the Petroleum Holding Fund.
The Public Interest and Accountability Committee (PIAC) inspected a petroleum-funded road project in Volta Region and found that the Ehi-Dzodze Road remained unsurfaced despite records showing petroleum revenue allocations for bitumen surfacing; residents told the Committee that only drainage works had been undertaken. The discrepancy has prompted PIAC to seek clarification from relevant authorities amid concerns about delays and oversight of oil-revenue-financed projects.
The Public Interest and Accountability Committee (PIAC) has escalated its dispute with the Ghana National Petroleum Corporation (GNPC) and its subsidiary Explorco to the Office of the Attorney-General, over Explorco's failure to account for and transfer petroleum revenues amounting to US$561,648,785.37 between 2022 and 2024. The central issue is whether Explorco, as a commercial subsidiary of GNPC, can legally retain petroleum lifting proceeds outside the Petroleum Holding Fund structure or whether all such revenues must accrue to the state under the Petroleum Revenue Management Act.
The Public Interest and Accountability Committee has accused Ghana's finance ministers and Parliament of breaching the Petroleum Revenue Management Act between 2021 and 2025 by maintaining the Ghana Stabilisation Fund cap at $100 million instead of the legally required $584.22 million, which should be calculated based on average expected petroleum revenue for a three-year period.
Ghana's finance ministers breached petroleum revenue rules between 2021 and 2025 by capping the Ghana Stabilisation Fund at $100m instead of the legally required $584.22m, according to the Public Interest and Accountability Committee. The committee chair said both the finance ministers and Parliament acted unlawfully, and called on the Finance Minister to use the correct figure and Parliament to ensure compliance.
Manufacturing value added as a percentage of Ghana's GDP has risen only from 7.81 per cent in 1980 to 9.84 per cent in 2024, with an all-time high of 11.59 per cent in 2013, indicating near-total industrial stagnation across four and a half decades despite numerous governments and development plans.
Manufacturing value added as a percentage of Ghana's GDP has grown only marginally from 7.81 per cent in 1980 to 9.84 per cent in 2024, rising barely two percentage points over 44 years despite dozens of governments and development plans. The article describes this as a structural economic condition rather than a temporary setback.