News Guide Africa

Tag: Public Interest and Accountability Committee (PIAC)

Ghana’s $10bn agri-bet is de-risking the market for global capital

By Adnan Adams Mohammed

Global venture capital firms, private equity managers, and institutional investors are turning their attention to West Africa following President John Dramani Mahama’s unveiling of a US$10 billion “Big Push” infrastructure initiative.

Positioned to de-risk the agriculture and agro-processing sectors, the state-backed master plan offers private sector stakeholders an unprecedented entry point into Ghana’s rapidly modernizing agribusiness ecosystem.

The capital deployment blueprint commits US$2 billion annually over five years, allocating public resources to critical foundational infrastructure, such as irrigation schemes, cold-chain logistics, and processing zones, specifically designed to yield high risk-adjusted returns for commercial investors.

Speaking to international business executives and domestic industry leaders at the National Agribusiness Dialogue at the Kempinski Gold Coast Hotel, President Mahama emphasized that the government is laying down capital infrastructure to catalyze commercial co-investment.

“We will not concentrate on agriculture only, but also focus on agro-processing to process the raw materials into finished products,” President Mahama announced. “These investments will be financially structured to ensure that there will be no additional burden on the public debt.”

Capital-Efficient Model: De-Risking the Supply Chain

To reassure risk-conscious investors, the Ministry of Finance approved the procurement of over 600 heavy agricultural machines to launch 50 Farmers’ Service Centres in high-yield agricultural corridors. Rather than distributing asset-heavy equipment to individual producers, the government is introducing an asset-light “Equipment-as-a-Service” model.

“These tractors and equipment will not be sold to farmers as was the practice in the past,” President Mahama highlighted. “Instead, they will be stationed at strategically located farmers’ service centres to provide essential mechanisation support. Farmers will have the opportunity to register with their local centre and request services as needed.”

By solving the primary operational bottleneck for smallholders, capital expenditure on machinery, the policy creates consistent, reliable outgrower networks for private processors.

“What farmers need is not to own tractors and combine harvesters. What they need is the service of tractors and combine harvesters,” Mahama noted, emphasizing that the reduction in operational overheads will lead to higher crop yields and stable supply chains required by industrial buyers.

Fiscal Discipline and Transparency Standards

A key highlight for foreign direct investment (FDI) partners is the fiscal transparency surrounding the project’s capitalization. Primary funding will be derived from structured petroleum revenues and mineral royalties rather than high-yield commercial borrowing.

In a consultative meeting with the Public Interest and Accountability Committee (PIAC), President Mahama underscored the administration’s focus on governance and fiscal accountability.

“Oil revenues earmarked for the ‘Big Push’ infrastructure initiative will be efficiently disbursed and managed,” the President assured the oversight body, pointing to strong oversight mechanisms as a safeguard against capital misallocation.

For impact investors and venture funds looking at environmental, social, and governance (ESG) metrics, the initiative’s focus on expanding irrigation schemes, storage warehousing, and rural road networks presents bankable infrastructure assets that guarantee long-term value creation.

Market Opportunities for Commercial Agribusiness

Focusing on human capital development and value addition, Minister of Food and Agriculture Eric Opoku underscored the commercial synergy between public infrastructure investment and private enterprise growth.

“Sustainable agricultural transformation depends on skilled engineers, extension officers, researchers, technicians, entrepreneurs, and agribusiness professionals,” Minister Opoku declared. “By integrating modern machinery, research, and agro-processing facilities, we are building a foundation that directly links local production to industrial growth.”

With local processing capabilities ramping up, institutional investors are eyeing export-driven markets across the ECOWAS sub-region. By bridging the gap between farm-gate productivity and factory processing, Ghana’s US$10 billion “Big Push” presents an attractive, de-risked destination for global agribusiness capital.

August 17, 2026
Ghana eyes US$985m oil windfall in 2026 amid 6-year production slump

By Adnan Adams Mohammed

Ghana’s petroleum sector is approaching a critical crossroads as new financial projections clash with a worrying downward trend in physical output.

According to the latest data from the Public Interest and Accountability Committee (PIAC), the nation is expected to rake in approximately $985 million in petroleum revenue for the 2026 fiscal year. This anticipated surge comes at a time when the country is celebrating a cumulative milestone: earning nearly $12 billion from the sector since commercial production began in 2011.

However, the optimistic financial outlook masks a deepening crisis in the upstream sector. PIAC’s most recent assessment reveals that Ghana’s crude oil output has declined for the sixth consecutive year, raising alarms about the long-term sustainability of the industry.

The Production Paradox

Since 2010, Ghana has produced a total of 694 million barrels of crude oil. While this volume has anchored the national budget for over a decade, the “gold rush” era appears to be cooling.

The decline, which began in 2019, has been attributed to a lack of significant new discoveries and the natural depletion of existing fields namely Jubilee, TEN, and Sankofa Gye-Nyame. Despite technical interventions by operators, the year-on-year drop in volume persists, threatening Ghana’s status as a rising African oil powerhouse.

A $12 Billion Legacy

The financial impact of the sector remains the backbone of Ghana’s infrastructure and social spending. Of the nearly $12 billion earned since 2011, funds have been disbursed into the Annual Budget Funding Amount (ABFA), the Ghana Heritage Fund (GHF), and the Ghana Stabilization Fund (GSF).

The $985 million projected for 2026 is expected to be driven primarily by favorable global oil prices and increased gas monetization, rather than an increase in the number of barrels extracted.

PIAC’s Warning

In its reporting, PIAC has consistently urged the government to prioritize “aggressive” exploration to reverse the production slump. The committee noted that while the $12 billion cumulative revenue is substantial, the lack of investment in new oil blocks could lead to a revenue “cliff” in the coming decade.

“We are essentially living off the successes of a decade ago,” a source close to the committee noted. “To hit nearly a billion dollars in 2026 is positive, but we must ask what happens when the current wells run dry if no new fields are brought online.”

As the government prepares its 2026 fiscal strategy, the pressure is mounting to move beyond just collecting revenue and focus on the technical revitalization of the upstream petroleum industry. Without a breakthrough in exploration, the $985 million windfall of 2026 may be one of the last major peaks in Ghana’s aging oil story.

April 9, 2026
US$434m oil revenue injected into ‘Big Push’ road projects …as Engineering Council demands independent audit

By Adnan Adams Mohammed

The Public Interest and Accountability Committee (PIAC) has disclosed that approximately $434 million in oil revenue has been allocated to the government’s ambitious “Big Push” infrastructure programme.

However, the spending is facing intense scrutiny as the Ghana Institution of Engineering (GhIE) calls for an immediate independent audit of the GH¢110 billion initiative.

Oil Revenue Fueling Infrastructure

In its latest report on the management and use of petroleum revenues, PIAC revealed that the “Big Push” a massive infrastructure development agenda aimed at debottlenecking Ghana’s road networks has become a primary beneficiary of the Annual Budget Funding Amount (ABFA).

According to PIAC, the $434 million allocation represents a significant portion of the oil funds earmarked for capital investment. The committee noted that while the infrastructure development is necessary for economic growth, the concentration of funds into these specific projects requires heightened transparency to ensure value for money.

Engineers Raise Red Flags

The revelation of the funding scale has triggered a sharp reaction from the Ghana Institution of Engineering (GhIE). The professional body is demanding a comprehensive, independent technical and financial audit of the GH¢110 billion road programme.

The GhIE expressed concerns over the selection process for projects, the cost-per-kilometer of the roads being constructed, and the overall quality of the work delivered so far.

“We need to ensure that the Ghanaian taxpayer and our natural resources are being utilized efficiently,” a spokesperson for the GhIE stated. “An independent audit will provide the technical assurance that the designs are robust and that the costs allocated align with international engineering standards.”

Calls for Accountability

The convergence of PIAC’s financial reporting and GhIE’s technical concerns has sparked a broader debate regarding the governance of “Year of Roads” projects. Civil society organizations have joined the call, urging the Ministry of Roads and Highways to publish a detailed breakdown of the “Big Push” expenditures.

PIAC has consistently cautioned against the “thin spreading” of oil revenues, but the “Big Push” represents a departure from that trend, focusing massive capital on specific corridors. The committee reiterated that while the scale of the investment is impressive, the impact must be felt in the lifespan and quality of the roads produced.

Government Response

While the Ministry of Roads and Highways has previously defended the “Big Push” as a transformative strategy to modernize Ghana’s transit system, it has yet to formally respond to the GhIE’s demand for an independent audit.

As the 2024 election cycle approaches, the performance of the road sector remains a high-stakes issue for the government, with the “Big Push” serving as a centerpiece of its development narrative.

For now, the focus remains on whether the government will open its books and construction sites to third-party evaluators to satisfy the growing demands for accountability in the use of Ghana’s “black gold.”

April 9, 2026
Ghana’s oil exports drop by over US$1bn in the first 10 months of 2025

Fresh data from the Bank of Ghana, tracked by JoyNews Research, show a sharp deterioration in Ghana’s oil export earnings in 2025.

By the end of October, oil exports stood at US$2.2 billion, compared with US$3.3 billion over the same period in 2024. That represents a decline of US$1.12 billion.

The decline reflects a combination of weaker international oil prices and falling domestic production.

Oil entered 2025 trading slightly above US$70 per barrel but prices have steadily declined since then, touching lows of about US$59 and currently hovering around US$60 per barrel.

This is well below the US$70 to US$80 range that prevailed through much of 2023 and 2024. The data suggest that average oil prices in 2025 are the lowest since the latter part of 2021, a trend that has weighed heavily on oil producing countries such as Ghana.

For Ghana, however, price weakness tells only part of the story. The revenue shortfall has been compounded by falling production volumes.

While some oil producers are able to cushion lower prices with higher output, Ghana’s production has been moving in the opposite direction.

After peaking in 2019 at 71.4 million barrels, output has declined every year since.

In 2024, Ghana produced about 48 million barrels. The Public Interest and Accountability Committee estimates production of 46.3 million barrels for 2025, although that projection already appears optimistic.

In 2019, the Ministry of Finance had set a target of 500,000 barrels per day by 2024. In 2025, actual production stands at about 126,994 barrels per day, far below that ambition.

The slowdown is evident in recent production data. In the first half of 2025, Ghana produced 18.4 million barrels, compared with 24.8 million barrels over the same period in 2024. That represents a decline of 25.8%.

Government revenues have fallen even faster. Oil receipts dropped by 56%, from US$840 million in the first half of 2024 to US$370 million in the first half of 2025.

While export earnings have weakened, Ghana’s oil import bill has risen. Imports of refined petroleum products increased by about US$500 million over the first ten months of 2025 compared with the same period in 2024.

This translates into monthly petroleum imports of roughly US$430 million, up from about US$390 million per month last year. The combination of falling export revenues and rising import costs has widened pressure on the balance of payments and increased demand for foreign exchange.

Behind these trends lie structural weaknesses in Ghana’s petroleum sector.

Policy missteps in the upstream industry and the lack of new petroleum agreements have made the sector less attractive to investors.

With no new wells coming on stream, production continues to decline, eroding government revenue and increasing reliance on imported petroleum products.

The growing domestic demand for refined petroleum strengthens the case for scaling up local refining capacity to meet domestic consumption and reduce the import bill.

Cutting petroleum imports, which now average about US$400 million a month, would significantly ease pressure on the cedi and lower Ghana’s exposure to external shocks.

The Ghana Petroleum Hub Corporation aims to address this gap by positioning the country as a regional supplier of refined petroleum products, but progress will depend on sustained policy clarity and investment.

Without decisive action, Ghana risks remaining caught between declining oil production, weaker export earnings and rising import costs.

Restoring momentum will require renewed confidence in the upstream sector alongside faster progress in domestic refining.

Until then, oil will remain a growing vulnerability rather than a stabilising force for the economy.

December 22, 2025
14 Years of PIAC: A legacy of transparency and accountability in petroleum revenue management

By Isaac Dwamena, Esq. & Jessica Acheampong

In September 2011, the Public Interest and Accountability Committee (PIAC) was established as an additional oversight body through the Petroleum Revenue Management Act (PRMA), 2011 (Act 815), as part of efforts to ensure transparency and accountability in the management and use of petroleum revenues.

With a clearly defined mandate, PIAC has, in the last 14 years, worked to fulfil this mandate of ensuring efficient management of petroleum revenues for sustainable development as stipulated in the PRMA.

As the Committee marks 14 years of existence, it is worth reflecting on its journey, achievements, challenges, and the way forward to ensure that petroleum revenues serve as a true catalyst for Ghana’s development.

Establishment of PIAC

The Petroleum Revenue Management Act (PRMA), 2011 (Act 815) established PIAC with a three-fold mandate to:

• monitor and evaluate compliance with the Act by government and relevant institutions in the management and use of petroleum revenues and investments;

• provide space and platform for the public to debate on whether spending prospects and management and use of revenues conform to development priorities as provided under section 21(3); and,

• provide independent assessment on the management and use of petroleum revenues to assist Parliament and the Executive in the oversight and the performance of related functions respectively.

Drawn from 13 member-institutions provided for by the Act, members of PIAC serve either a two-year (renewable) or three- year (non-renewable) tenure as shown in the attached image.

The unique nature of the membership of PIAC is designed to bring together diverse stakeholders from across the Ghanaian society to ensure balanced representation and expertise in the oversight of petroleum revenue management.

14-Year journey

Since PIAC’s establishment, its programmes and activities have been broadly aligned with the three-fold mandate. From monitoring and evaluating compliance with provisions of the Act and reporting on same, to providing a space and platform for citizens engagement, and conducting independent assessment of the management and use of petroleum revenues, PIAC has key milestones to share.

Section 56 of the PRMA mandates the Committee to publish two statutory reports each year, an annual and a semi-annual report. The Committee has accordingly published 27 Reports (13 Annual and 14 semi-annual), copies of which are submitted to the Presidency, Parliament and citizens, thereby improving transparency in petroleum revenue reporting.

Over the years, PIAC’s reports have delivered comprehensive analyses of petroleum revenue management and utilisation, thereby reinforcing transparency, and empowering citizens to demand accountability. The reports are also acknowledged as an authoritative source of data for research and advocacy.

In line with its mandate to independently monitor and evaluate the management and use of petroleum revenues, the Committee inspects selected projects funded with petroleum revenues across the country. These projects are submitted to PIAC by the Ministry of Finance, providing details of petroleum revenue disbursements through the Annual Budget Funding Amount (ABFA). Findings from these inspections are made public through the media and captured in PIAC reports for the attention of Parliament and the Presidency.

Over the last 14 years, the Committee has organised town hall meetings at both Regional and District levels across the country to engage citizens on the management and use of petroleum revenues in Ghana. The Committee has also collaborated with the media, who are key partners, to reach a wider audience across the country. The use of the digital space for public education has been intensified.

Through monthly sessions on Facebook and X (formerly Twitter), PIAC engages and educates the public on critical issues related to the management and use of petroleum revenues in Ghana. Such engagements are also used to elicit feedback from citizens on whether the use of petroleum revenues aligns with their developmental preferences. All this is in a bid to enhance public education and understanding of petroleum revenue management.

Another key milestone for the Committee is the development of an interactive data dashboard that houses statistics on petroleum revenue management. For data on production, liftings, allocations, distribution and utilisation, the dashboard comes in handy. The dashboard is housed on PIAC’s website, www.piacghana.org.

As part of its independent assessment mandate, the Committee has published two issue Papers, on “Ghana’s management and use of petroleum revenues”, and “The Role of The Ghana National Petroleum Corporation (GNPC) in the Upstream Petroleum Industry: Challenges and Prospects”. Both Papers highlighted key issues that required attention and action by duty bearers.

These Papers are available on the Committee’s website. www.piacghana.org for download.

Impact Stories

The impact of PIAC’s work over the years has been evident. Firstly, the amendments of the PRMA in 2015 and 2025 were significantly informed by findings and recommendations of PIAC reports. Secondly, the passage of the PRMA Regulations (L.I. 2381) in 2019 by Parliament came about through the recommendation of PIAC.

Thanks to PIAC’s work, payment of revenues due the State into wrong accounts by some International Oil Companies, which used to be recurrent, has ceased. Collaboration between PIAC and the GRA has led to the bridging of tax audit gap and the payment of additional tax to the State.

Through PIAC’s compliance monitoring, some PRMA breaches have been corrected and the incidences reduced.

For instance, in 2017, the breach by the government of the 70:30 public investment expenditure to goods and services statutory ratio was remedied through PIAC work. At the barest minimum, the breaches are raised by PIAC in its reports for the respective institutions to take corrective action.

In acknowledgement of PIAC work, citizens and CSOs have proposed that the powers of PIAC should be increased to extend the frontiers of accountability under its current mandate. Furthermore, citizens and CSOs have also suggested that mineral revenues should be added to PIAC mandate so that the transparency and accountability being witnessed in petroleum revenue management will be expanded to mineral revenues.

Perhaps, the nation could consider replicating the PIAC model of institutional representation and tenure on boards and committees to ensure continuity and expertise.

Challenges

The challenges of the Committee started right from its establishment. Although established by law, there was no funding provision for PIAC in the Act. It had to rely largely on donor support to be able to carry out its mandate.

From 2011, resources were provided by the Ministry of Finance complemented by GIZ to fund PIAC limited programmes, including the compilation and publication of the statutory reports. PIAC also received support from Oxfam USA, and the Natural Resource Governance Institute (NRGI) (formerly, Revenue Watch Institute) which made office space available for the PIAC Secretariat. Additionally, NRGI secured funding from the Department for International Development (DfID) and later the Ghana Oil and Gas for Inclusive Growth (GOGIG) Programme both of the UK Government which led to the strengthening of the secretariat and the addition of district level engagements and project inspections.

Following sustained advocacy by PIAC, civil society and the media, the PRMA was amended in 2015 to make provision for the funding of PIAC from the Annual Budget Funding Amount (ABFA). From 2016 to 2024, PIAC had relatively stable funding and this had a positive impact on its programmes and activities.

In April 2025, the PRMA was amended to confine the use of the ABFA to infrastructure development thereby, removing PIAC’s funding from the ABFA. The Committee’s operations have since been adversely impacted, and that has practically derailed its operations.

Looking Ahead

The Committee reflects on its 14-year existence with renewed strength as it continues to engage government on its funding, following the latest amendment of the PRMA. The journey has not been without challenges, but its contribution to national development discourse is undeniable. For 14 years, PIAC has stood as a watchdog over Ghana’s petroleum revenues, promoting transparency, accountability, and citizen participation in resource governance.

As Ghana continues to exploit its petroleum resources, PIAC’s role remains crucial. PIAC will continue to improve its citizen engagement, push for better accountability, thereby strengthening governance systems, and ensuring petroleum revenues benefit all citizens.

Cheers to 14 years of impact and to many more years of safeguarding Ghana’s oil wealth for current and future generations.

PIAC … Safeguarding Ghana’s Petroleum Revenues.

The writers, Isaac Dwamena, Esq. & Jessica Acheampong, are the Executive Secretary, and Senior Communication Manager, PIAC.

September 28, 2025
Oil funds for ‘Big Push’ will be efficiently used, Mahama tells PIAC

President John Dramani Mahama has assured members of the Public Interest and Accountability Committee (PIAC) that oil revenues earmarked for his proposed $10 billion “Big Push” infrastructure initiative will be efficiently disbursed and managed.

The President gave the assurance during a courtesy call by the PIAC members. Led by its Chairman, Mr Constantine K.M. Kudzedzi, the Committee members visited to congratulate the President on his recent election victory and discuss matters concerning the management of Ghana’s oil revenues.

President Mahama outlined his government’s ambitious plan to invest $10 billion over the next five years, allocating $2 billion annually, into priority infrastructure projects across the country.

These projects will target key sectors, including roads, major bridges, education, and health infrastructure, as well as areas vital for boosting productivity in the agriculture sector.

He specified that agricultural projects under the “Big Push” would encompass irrigation schemes, construction of farmer service centres, and support for agribusiness development.

The President stated that the primary sources of funding for this significant policy initiative would be petroleum revenue and minerals royalties.

Commending PIAC for its vital role, President Mahama praised the Committee’s efforts in monitoring and ensuring transparency and accountability in the utilisation of Ghana’s petroleum revenues.

He highlighted PIAC as a commendable model for other countries seeking effective oversight mechanisms.

July 12, 2025
Industry experts express confidence in Lawyer Nasir’s appointment as Petroleum Commission dep. CEO

Nasir Alfa Mohammed, Deputy CEO Petroleum Commission

Adnan Adams Mohammed

Industry experts have expressed confidence in the appointment of Lawyer Nasir Alfa Mohammed as the Deputy Chief Executive Officer (CEO) of the Petroleum Commission (Acting) by President John Dramani Mahama.

They believe his expertise in governance and legal reforms and advocacy is needed to enhance the Commission’s regulatory framework and policy direction as the government plans to increase investment in the petroleum sector to maximise government revenue while ensuring best practices in forbearance to the legal system of Ghana.ng best practices in forbearance to the legal system of Ghana.

Having worked in the natural resources sector for over a decade. His work has shaped public law reform in Ghana, with a particular focus on the rule of law, energy and natural resources policy, constitutional and administrative law, and maritime governance.

Mr Alfa Mohammed served on the Public Interest and Accountability Committee (PIAC) for a considerable number of years as Vice Chairman, representing the Ghana Bar Association (GBA) after chairing the Technical Sub-Committee and Legal Sub-committees, he contributed immensely to the reforms and effectiveness of PIAC.

On the side of his legal profession, he has previously held senior legal advisory positions at Ali-Nakyea & Associates and Atuguba & Associates, as well as at the Centre for Maritime Law and Security (CEMLAWS-Africa).

On the part of his rich advocacy skills, he has been a Policy Advocacy Officer at the Natural Resource Governance Institute (NRGI) from 2019 to 2021, where he led efforts to strengthen Ghana’s legal and policy frameworks for resource management. Prior to that, he served as a senior policy analyst at the Africa Centre for Energy Policy (ACEP), where he held management and advisory roles.

Petroleum Commission is the regulator with oversight responsibility of Ghana’s upstream oil and gas sector. The Commission is also mandated to facilitate and promote investment in the upstream petroleum sector. While ensuring compliance with industry laws, promotes local participation in the sector, and facilitates investments.

The newly appointed Ag. CEO of the Petroleum Commission holds a Master of Laws (LLM) from the University of Dundee in the UK, a Qualifying Certificate for the Practice of Law (QCL) from the Ghana School of Law, and both an LLB and a BA from the University of Ghana.

He is a member of both the Ghana Bar Association (GBA) and the International Bar Association (IBA) and has also co-authored scholarly publications on energy and natural resource governance in global journals.

As he takes on his new role, his leadership is expected to contribute to effectively shape the future of Ghana’s upstream sector.

March 17, 2025
PIAC alarmed with gov’t indebtedness to GNPC

PIAC

Adnan Adams Mohammed

Government indebtedness to the Ghana National Petroleum Corporation (GNPC) stands at a staggering US$1.14 billion as at 2022, posing an imminent threat to the Corporation.

A Public Interest and Accountability Committee (PIAC) report indicates that as of the end of 2022, the government owed GNPC a staggering $1.14 billion.

This comprises of payments made on behalf of the government, state-owned enterprises (SOEs), national and local projects, as well as gas supplied to the Ghana National Gas Company (GNGC).

PIAC raises concerns about GNPC’s expenditure, which extends beyond its core mandate, hindering its ability to function as an autonomous commercial entity in the petroleum sector.

Substantial sums, such as $124.66 million, were spent on Gas Enclave roads in the Western region, often at the behest of the government and other entities, diverting resources from GNPC’s primary responsibilities.

PIAC warned that GNPC faces a precarious future post-2026 when it will cease to receive funding from the Petroleum Holding Fund as per the Petroleum Revenue Management Act (PRMA).

The Corporation may struggle to survive without this financial support, given its existing challenges.

Political influence poses another significant risk to GNPC, compelling it to engage in quasi-fiscal expenditures and extend advances to other state-owned entities, encroaching upon central government prerogatives.

To mitigate these issues and ensure GNPC’s sustainability, PIAC recommends several measures. Firstly, GNPC should prioritize its mandate and development by refraining from making payments on behalf of the government and retrieving owed funds expeditiously.

Additionally, the Corporation should cease funding external programmes and projects at the request of other agencies.

April 19, 2024
PIAC told to intensify advocacy for review of PAs to support oil production

PIAC

Ibrahim Awall

The Public Interest Accountability Committee (PIAC) has been urged to take the lead in advocating the revision of existing petroleum agreements, aiming to increase Ghana’s benefits from its oil production.

Although, the government’s intent to enhance the nation’s stake in the extractive sector is widely known, the Deputy Finance Minister acknowledges that, there are “interests and limitations” that complicate altering the terms of existing agreements.

On regular basis, there have been inquiries by stakeholders into why Ghana’s interest in the extractive industries is capped at 10 or 20 percent of the resources, rather than higher percentages like 55 or 60 percent.

“By raising such concerns with conviction through PIAC’s efforts, the nation could potentially witness changes in these terms”, Dr John Kumah believes.

Despite the challenges posed by existing contracts, Dr Kumah expressed that with determination, change remains feasible.

These sentiments were expressed during the launch event for a new PIAC logo, a redesigned website, and a data dashboard. The new logo, featuring an oil rig, an oil drop, and the Ghana cedi sign, mirrors PIAC’s objectives and functions.

The logo’s black color symbolises crude oil, while gold (yellow) signifies wealth.

The website revamp and data dashboard reflect PIAC’s commitment to enhancing public engagement, augmenting its visibility, gathering feedback, and providing straightforward access to petroleum sector information.

The data dashboard serves as an interactive platform, displaying statistics on oil and gas production, receipts, and revenue allocation.

Dr Kumah acknowledged PIAC’s role in supporting national development by managing and utilising oil revenue effectively.

Dr Kumah emphasised that the government perceives PIAC’s activities as complementary to national development goals, aiming to harness oil resources for the nation’s benefit.

He encouraged constructive criticism that contributes to systemic improvements.

PIAC Chairman Professor Kwame Adom-Frimpong, in response, urged the government to allocate financial resources to support the committee’s statutory responsibilities.

August 23, 2023
Ghana receives US$1.43bn in oil revenue; highest since oil production began – PIAC report

The total petroleum revenue in 2022 is the “highest” for a single year since the inception of petroleum production in Ghana, with a figure of US$1.43 billion, the 2022 annual report of the Public Interest and Accountability Committee (PIAC) has said.

Crude oil in Ghana is currently produced from three fields, namely Jubilee, TEN, and the Sankofa GyeNyame (SGN).

First oil from the Jubilee Field was achieved in December 2010 while TEN and SGN came on stream in August 2016 and May 2017 respectively.

For the year 2022, a total of 51,756,481.12 barrels (bbls) were obtained from the three producing fields, lower than the 2021 figure of 55,050,391 bbls by about six (6) per cent.

The 2022 actual output represents 87 per cent of the 2022 Benchmark crude oil output of 59.51 million barrels.

The relatively lower production volume in 2022 was due to reduced production on the TEN and SGN fields, the report noted.

It said the Jubilee Field contributed about 60 per cent of the total output with production on the Jubilee field increasing by 11.7 per cent from the 2021 output of 27,335,481 bbls to 30,523,813 bbls in 2022.

The increased production was due to the successful drilling and completion campaign of three wells, PIAC said.

The TEN Field’s production declined by 28 per cent from 11,978,064 bbls in 2021 to 8,612,822 bbls in 2022 due to technical challenges on the Enyenra reservoir.

The SGN Field recorded a reduced output of 12,619,846.12 bbls in 2022 compared to 15,736,846.10 bbls in 2021, a reduction of 19.8 per cent.

The highest monthly production volume on the Jubilee Field was recorded in March and the lowest in December.

The daily average barrels of oil produced during the period stood at 83,626.88 bbls.

“Production rates were undulating during the year under review but reduced in May 2022 due to planned shutdown activities carried out on the facility from 30 April to 14 May 2022”, the report explained.

The TEN Field provided gas export of 2,397.90 MMSCF under the substitution agreement during the period.

The average barrels of oil produced on the TEN Field in 2022 stood at 23,596.77 bbls per day.

The highest oil production was recorded in October and the lowest output in August while the lowest production recorded was mainly due to flow assurance issues, pressure decline in the Enyenra reservoir, process shutdown due to High-High (HH) crude/crude exchanger pressure from slugging, En05 and En10 wells shut in due to no flow and slugging from Enyenra wells.

The Ntomme reservoir was optimised by shutting-in or cutting back on some wells to manage excess flaring.

The En10-P well was shut-in intermittently for pressure build-up.

An average output of 34,574.92 barrels of oil per day (bopd) was produced in 2022 on the SGN Field.

The highest monthly production was recorded in January with the lowest monthly production occurring in February.

The lowest production level was attributed to planned shutdown activities carried out simultaneously on the FPSO and the ORF.

Also, integrity tests were carried out on OP-8, OP-9, OP-10, SKE-1x and GI-2 wells after which water injection was halted to carry out maintenance activities on the Sulphate Removal Unit (SRU).

Production levels increased in March 2022, however, a steady decline in production from April to November 2022 was mainly attributed to facility equipment upsets. The cumulative oil production from 2010 to 2022 now stands at 560,194,571 bbls.

The 2022 production figure represents the third consecutive year of reduction in annual production volumes since 2010, the report added.

In 2019, Ghana witnessed its peak of crude oil production since inception, recording a volume of 71,439,585 barrels.

This declined to 66,926,806 barrels in 2020, representing 6.32 per cent.

Crude oil production further declined to 55,050,391 barrels in 2021, and then to 51,756,481 barrels in 2022, representing 17.75 per cent and 5.98 per cent respectively.

Gas Production

For the period under review, a total of 253,555.05 MMSCF of raw gas (Associated Gas [AG] and Non- Associated Gas [NAG]) was produced in 2022 from the three Fields compared to the 2021 volume of 256,262.04 MMSCF of raw gas produced, the report said.

This represents a gas production decrease of 7.7 per cent relative to that of 2021.

The SGN Field, relatively gas-concentrated, produced the highest volume of combined AG and NAG of 129,394.66 MMSCF while the Jubilee and TEN Fields produced 68,481.76 MMSCF and 55,678.63 MMSCF, respectively.

Jubilee gas production decreased by 2.9 per cent from 70,527.21 MMSCF in 2021 to 68,481.76 MMSCF in 2022.

Gas production on the TEN Field also declined by 13.2 per cent from 64,129.87 MMSCF in 2021 to 55,678.63 MMSCF in 2022.

The production of gas from the SGN field recorded an increase of 6.4 per cent from 121,604.96 MMSCF in 2021 to 129,394.66 MMSCF in 2022.

Gas Export

A volume of 35,880.53 MMSCF (52.4 per cent) of raw gas produced was exported from the Jubilee Field to the Ghana National Gas Company (GNGC).

The gas exported in 2022, was approximately 15.8 perccent more than the volume of 30,997.95 MMSCF recorded in 2021.

The month of January recorded the highest monthly gas production of 6,290.92 MMSCF, with the highest gas export volume of 3,605.32 MMSCF in July.

For the TEN Field, about 6.8 per cent of the gas produced (3,782.89 MMSCF) was exported to the GNGC in 2022.

This represented a 37 per cent increase in the volumes exported, as compared to 2021 (2,761.35 MMSCF).

The month of May recorded both the highest monthly gas production and export volumes of 4,982.08 MMSCF and 2,200.92 MMSCF, respectively.

A volume of 67,896.49 MMSCF (52.5%) of the total raw gas produced on the SGN Field, was exported to the Onshore Receiving Facility (ORF) in 2022, which represents a 4.2-per cent increase over the 2021 volume of 65,141.28 MMSCF.

The highest production of NAG (6,439.00 MMSCF) was recorded in January while that of AG (5,307.86 MMSCF) was recorded in March.

A volume of 39,663.42 MMSCF of total raw gas produced was exported to the GNGC from the Jubilee and TEN Fields during the period under review.

A volume of 67,896.49 MMSCF of raw gas was exported from the SGN Field to the Onshore Receiving Facility (ORF).

April 23, 2023