PIAC urges fresh investments in upstream petroleum sector

By Samuel SAM

The Public Interest and Accountability Committee (PIAC) has urged Parliament to ensure that the Ministry of Energy and its agencies step up efforts to attract investment into Ghana’s upstream petroleum industry.

PIAC warned that the sector is facing a downturn, with crude oil production declining for five consecutive years and challenges in securing fresh capital for exploration and production.

It said the operationalisation of the Onshore Petroleum Exploration and Production Policy, alongside the ongoing review of the Petroleum Revenue Management Act (Act 815) and Act 919, is key to revitalising the sector. According to PIAC, these measures, if implemented, will strengthen the regulatory framework, improve investor confidence and help optimise petroleum resources for sustainable growth.

The call was made at PIAC’s Northern Zone media engagement in Tamale, which focused on educating journalists on petroleum revenue management. The committee reiterated that proceeds from lifting by GNPC Explorco constitute indirect state participation and must be paid into the Petroleum Holding Fund.

It also urged the Ghana Revenue Authority, Petroleum Commission, Bank of Ghana and Ministry of Energy to work together to recover outstanding surface rental arrears. Government was further advised to expand gas infrastructure capacity and clearly define programmes under the Priority Areas before making allocations.

PIAC recommended closer scrutiny of the Ghana National Petroleum Corporation’s (GNPC) rising expenditure on the TEN Field relative to its revenues, and called on Parliament to protect GNPC and its subsidiary from being burdened with government loans and guarantees.

Mark Agyemang, PIAC’s Technical Manager, reminded journalists of their role in monitoring government activities and providing accurate reportage on the use of petroleum revenue. He said the media remains a critical partner in shaping public opinion and strengthening accountability.

At the forum, journalists Murtala Issah and Matina Bugri appealed for stronger collaboration between PIAC and the media to improve public education on petroleum revenue management.

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