The Public Interest and Accountability Committee (PIAC) has published its 2023 Semi-Annual Report on the management and use of petroleum revenues in Ghana.

The report covers the period January to June 2023 and encompasses a broad range of issues relating to petroleum revenue management. It is also in fulfilment of Section 56 of the Petroleum Revenue Management Act (PRMA), 2011 (Act 815).

Contained in PIAC’s semi-annual report were findings and observations which included the total number of existing Petroleum Agreements (PAs), which has reduced from fourteen (14) to thirteen (13) as at June 2023 due to the relinquishment of AGM Petroleum’s entire interest in the South Deep Water Tano Contract Area.

The report, amongst many other findings pointed out that the Jubilee Oil Holding Limited (JOHL) failed to pay proceeds from liftings in H1 2023 amounting to US$70,456,718.93 into the Petroleum Holding Fund (PHF).

This makes it the fourth consecutive time the company has failed to pay the proceeds of liftings from the Jubilee and TEN Fields, amounting to US$343,108,927.88.

The petroleum revenue watchdog further observed that Kosmos Energy Ghana Limited wrongfully paid withholding tax into the Petroleum Holding Fund (PHF) in 2020 and 2021, totaling US$3,999,325.65.

In addition, PIAC said an amount of GH¢131,005,360.91 representing 6.47 percent of the Annual Budget Funding Amount (ABFA) was transferred to the District Assembly Common Fund in the first half of the year for 2023.

As part of its recommendations from its finding, PIAC reiterated its position that proceeds from liftings of JOHL and any other subsidiary of GNPC constitute petroleum revenues and therefore must be paid into the PHF.

“To ensure effective monitoring and evaluation of petroleum revenues, International Oil Companies (IOCs) should be mindful not to pay monies other than petroleum revenues into the PHF,” the petroleum revenue watchdog said.

It continued, “The Ministry of Finance should comply with the provision in Section 16(4) of the PRMA as amended to release funds to the National Oil Company not later than three working days after the receipt of petroleum revenue into the PHF.

"In approving Appropriation, Parliament should take into consideration Regulation 8 of LI 2381, with regards to the cap on the GSF,” PIAC concluded.

PIAC has an oversight responsibility of the management and use of the country’s petroleum revenues, prepares and publishes statutory reports to inform Ghanaians and other stakeholders about the management and utilisation of the country’s petroleum revenues.

Read highlights from PIAC’s Semi-Annual report below:



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