Odeefuo Amoakwa Buadu VIII – Vice-chair of PIAC
Crude oil production declined by 25.92 percent, from 24,857,477.52 barrels in the first half of 2024 to 18,415,410.74 barrels in the first half of 2025.
The decline, revealed in the 2025 Semi-Annual Report by the Public Interest and Accountability Committee (PIAC), highlights the country’s struggle to attract new investments in the upstream petroleum sector, with no new petroleum agreement signed since 2018.
Speaking at a press briefing on the report’s findings, PIAC Vice-Chair, Odeefuo Amoakwa Buadu VIII, urged government and relevant agencies to take urgent steps to reverse the downward trend and attract more investment into the country’s oil industry.
“The Committee observed that, for period-by-period comparison, crude oil production declined by 25.92 percent, from 24,857,477.52 barrels in H1 2024 to 18,415,410.74 barrels in H1 2025,” the report stated.
Covering the period January to June 2025, the report examines key aspects of petroleum revenue management, including production data, liftings, total revenue accrued to the State, allocations, utilisation of the Annual Budget Funding Amount (ABFA), and the management of the Ghana Petroleum Funds.
The Committee recommended that government focus ABFA allocations on fewer, well-defined infrastructure projects, funding them from start to finish, and ensure completed projects are properly branded.
It also urged that more ABFA resources be directed toward completing the Agenda 111 project for the benefit of citizens.
“The Committee reiterates its earlier recommendation that the country should develop a broad-based, long-term national development plan approved by Parliament to ensure continuity in the use of national resources, including the ABFA,” the report noted.
PIAC also revealed that the District Assemblies Common Fund (DACF) had reported centrally earmarked projects to be financed from the ABFA, a practice deemed non-compliant with Article 252(3) of the 1992 Constitution, which mandates that monies accruing to the Fund be distributed among all District Assemblies.
Additionally, the report disclosed that no expenditure was incurred under the government’s ‘Big Push’ programme for infrastructure development, despite an allocation of US$146.36 million from petroleum revenues during the review period.
The Committee assured the public that, although its mandate is primarily advisory, it remains committed to collaborating with all stakeholders to ensure that revenues generated from the country’s petroleum resources are used effectively and transparently.
By Ebenezer K. Amponsah