Ghana’s Explorco Under Scrutiny Over $561m Unaccounted Petroleum Revenue

The Public Interest and Accountability Committee in Ghana has raised serious concerns over missing petroleum revenue in which Explorco failed to account for. 

Explorco, a subsidiary of the state-owned Ghana National Petroleum Corporation, could not account for about US$561,648,785.37 owed to the West African nation between 2022 and 2024.

PIAC ordered that GNPC and Explorco must immediately account for the outstanding revenue and deposit the funds into the Petroleum Holding Fund (PHF) to safeguard Ghana’s petroleum earnings.

“Explorco, a subsidiary of GNPC, has failed to account for petroleum revenue due the Republic of Ghana to the tune of US$561,648,785.37 between 2022 and 2024, after numerous calls by PIAC for the revenues to be accounted for and deposited into the Petroleum Fund,” the Committee’s 2025 annual report said.

“GNPC and its subsidiary, Explorco, should account for petroleum revenue amounting to US$561,648,785.37 due to the government and deposit the same into the PHF.” 

The report also revealed a sharp decline in GNPC’s receipts in 2025, which fell by 61.55 percent compared to 2024.

The reduction followed an approved cut in GNPC’s share of net CAPI from 30 percent to 15 percent, part of expenditure rationalisation measures instituted by the Minister for Finance and approved by Parliament in the 2025 Budget Statement and Economic Policy.

“GNPC’s receipts in 2025 declined by 61.55 percent compared to 2024 in line with the approved reduction in GNPC’s share of net CAPI from 30 percent to 15 percent,” the report noted.

The report further observed that no receipts were recorded from the TEN oil field in 2025, despite a lifting in October worth US$60,790,572.24 by the Ghana Group, which will be paid in 2026. 

PIAC also noted that GNPC did not disburse funds to cover TEN equity financing costs, resulting in a US$30.75 million cash call obligation.

“This increases GNPC’s cash call debt stock and leads to a potential reduction of revenue available for Partners for reinvestment in the Field,” the report warned.

The concern signals ongoing transparency challenges in Ghana’s petroleum sector, specifically in accounting for revenues that are critical to government finances and reinvestment in oil field operations in the country.