Market traders call for increased government stake in oil sector 

Market traders within the La Nkwantanang-Madina Municipal Assembly have called for an increased government stake in Ghana’s upstream petroleum sector to enhance the benefits accruing to citizens. 

They argued that a stronger national stake would ensure Ghanaians enjoy greater socio-economic gains from the country’s oil resources. 

“Since we discovered petroleum, why can’t the government set aside some funds from its petroleum revenue so that, in the near future, it can own and drill its own oil?” Madam Theresah Ansong, Vice Market Queen, asked. 

She spoke on behalf of traders at a forum organised by the Public Interest and Accountability Committee (PIAC) in partnership with the Africa Centre for Energy Policy (ACEP). 

The forum aimed at promoting transparency, accountability, and public engagement on the management and use of petroleum revenues, in line with PIAC’s mandate. 

 Participants were drawn from the Madina Main Market, Adenta Market and Bohye Market. 

Madam Ansong proposed that a portion of petroleum revenue be channelled into a revolving fund for traders, with low interest to support small businesses. 

Mr Isaac Dwamena, Coordinator at the PIAC Secretariat, recalled a previous allocation of GH?30 million by government from petroleum revenue as financial support for traders.  

However, many beneficiaries failed to repay the loans disbursed through the Microfinance and Loans Centre (MASLOC), he said. 

He noted that government, through the Ghana National Petroleum Corporation (GNPC), had been investing in the upstream sector to increase its stake.  

GNPC’s subsidiary, Explorco, is expected to begin drilling its first well in the Voltarian Basin in October 2026. 

Mr Richard Ellimah, Chairperson of PIAC, reported that as of the first half of 2025, Ghana had earned a cumulative $11.47 billion from oil production since 2011. Of this: 

About $4.5 billion supported the national budget and funded development projects in education, health and agriculture. 

Approximately $3.15 billion went to GNPC for operations, exploration and management of Ghana’s interests in oil fields. 

Around $2.6 billion was saved in the Ghana Stabilisation Fund as a buffer against oil price shocks, while $1.1 billion was lodged in the Ghana Heritage Fund for future generations. 

Source: GNA 

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