GHANA’S petroleum revenue increased by 52 per cent in the first half of 2026, driven mainly by higher crude oil prices and increased corporate income tax collections, the Public Interest and Accountability Committee (PIAC) has reported.
The PIAC Chair, Mr Richard Ellimah, disclosed this when he presented the Committee’s 2026 Semi-Annual Report on the Management and Use of Petroleum Revenues, covering January to June 2026.
He said total petroleum receipts rose during the period, while crude oil production increased by 11.73 per cent compared with the same period in 2025.
“Crude oil production increased from 18.42 million barrels in the first half of 2025 to 20.58 million barrels in the same period this year,” he said.
Mr Ellimah, however, cautioned that the revenue growth was driven mainly by higher crude oil prices rather than a substantial increase in production.
He urged the Ministry of Finance to treat the gains as temporary and promptly transfer any revenue above the benchmark to the Ghana Petroleum Funds, in accordance with the Petroleum Revenue Management Act, 2011 (Act 815).
The PIAC Chair also raised concerns about the use of petroleum funds by the Ghana National Petroleum Corporation (GNPC).
He said GNPC received US$40.14 million in Jubilee Equity Financing during the period but spent only US$23.45 million on production and development costs in the Jubilee field.
The remaining US$16.69 million, together with other receipts, was used for non-field expenditure, including staff costs and the construction of the corporation’s head office.
Mr Ellimah said PIAC had recommended that GNPC use its Level A receipts strictly to cover its share of field production and development costs, as required by law.
He added that the Ministry of Finance should link the release of such funds to verified cash calls from operators.
On surface rentals, Mr Ellimah said arrears stood at about US$2.41 million at the end of June 2026, excluding US$1.73 million owed under terminated petroleum agreements.
He said PIAC had urged the Ghana Revenue Authority (GRA) to take firm action against operators who continued to default on their payments.
The Committee had also recommended the imposition of penalties and interest, and called for all outstanding arrears to be settled before any contract area was renegotiated, renewed or reallocated.
On gas supply, Mr Ellimah said the report had raised concerns about the financial position of the Ghana National Gas Company Limited (GNGLC).
He said improved payments from the Volta River Authority and regular receipts from processed gas sales had helped strengthen the company’s cash flow.
However, a 17.53 per cent year-on-year decline in the total value of processed gas sales continued to put pressure on its finances.
BY AGNES OPOKU SARPONG
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