The Public Interest and Accountability Committee (PIAC) is intensifying pressure on Ghana National Petroleum Corporation’s subsidiary, Explorco, to account for US$561 million in petroleum revenues and deposit the funds into the Petroleum Holding Fund (PHF).

The call comes after reports that Explorco failed to remit the amount owed to the Republic of Ghana between 2022 and 2024.

At the launch of the 2025 PIAC Annual Report, Chairman Richard Ellimah stressed the importance of full compliance to guarantee transparency and proper management of the country’s petroleum revenues.

“Explorco, a subsidiary of GNPC, has persistently failed to account for petroleum revenue due to the Republic of Ghana, totaling $561 million between 2022 and 2024, despite numerous calls from PIAC to remit these funds into the Petroleum Holding Fund,” he said.

Ellimah added, “We have had repeated engagements with GNPC on this matter, but our position remains unchanged. The $561 million from Explorco’s petroleum lifting belongs to the people of Ghana and should be deposited in the PHF. GNPC disagrees, but our recommendation is that the funds be returned to the Petroleum Holding Fund.”

The dispute between PIAC and the GNPC subsidiary highlights ongoing concerns about transparency and accountability in the management of Ghana’s petroleum revenues. The unresolved standoff has brought renewed attention to the need for clear regulatory frameworks and effective enforcement.