Ghana’s petroleum sector is facing renewed scrutiny after the Public Interest and Accountability Committee (PIAC) flagged an outstanding $561 million owed to the state by Explorco. The development raises fresh concerns about accountability and delays in recovering public funds.
The issue was highlighted in PIAC’s 2025 assessment of petroleum revenue management. The committee says the amount remains unresolved and must be fully accounted for. It insists the funds are due to the state and should not remain outstanding.
PIAC also pointed to uncertainty surrounding Explorco’s status. The company has, at different times, presented itself as both a subsidiary and a government entity. According to the committee, this ambiguity does not remove its financial obligations. Any unpaid revenue linked to a state-owned entity ultimately belongs to the government.
The concern comes at a time when Ghana’s petroleum revenues are declining. Total receipts dropped to $770 million in 2025, down from $1.3 billion in 2024. In this context, the unresolved $561 million represents a significant portion of expected revenue.
PIAC warns that delays in recovering the funds could weaken confidence in Ghana’s revenue management system. It also raises broader concerns about enforcement and transparency within state-linked institutions.
The committee is calling for urgent action and a clear repayment timeline. Without this, the issue is likely to remain unresolved and continue to attract public and policy attention.
Source: PIAC raises alarm over $561m outstanding from Explorco to Ghana
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