The Public Interest and Accountability Committee (PIAC) released its 2026 semi‑annual report on Ghana’s petroleum revenue management on Tuesday, noting that it has yet to receive key data from the Ministry of Finance on how the Annual Budget Funding Amount (ABFA) is being used. The lack of information limits PIAC’s ability to fully assess government expenditure on petroleum‑funded projects.
PIAC Chairman Richard Ellimah made the point at the report launch in Accra, saying the Committee had requested the data from the Ministry but was still awaiting a response. He added that the information is especially important for monitoring spending on infrastructure under the government’s Big Push Agenda, which includes the Accra‑Kumasi Expressway.
Ellimah explained that a significant proportion of the ABFA is concentrated in the Big Push programme, a factor that could influence how PIAC conducts its project inspections. “We are hoping very much that the Ministry of Finance will give us the data so we can understand what is going on,” he said. “It is something new for us because it is going to change the way we also do our project inspections.”
The committee also called for greater attention to compliance with the legal provisions governing the provision of information to PIAC. He noted that in its 15 years of operation, PIAC had not seen any prosecution for failure to comply with the Petroleum Revenue Management Act (PRMA). PIAC intends to engage the Attorney‑General for guidance on addressing recurring compliance concerns, as it cannot independently initiate legal action to enforce its recommendations.
PIAC was established under Section 51 of the PRMA to promote transparency and accountability in the management and use of petroleum revenues. Its mandate includes monitoring compliance with the Act and providing independent information to the public to support informed debate and Parliament’s oversight responsibilities.
PIAC’s Executive Secretary, Isaac Dwamena, said the Petroleum Revenue Management Regulations specify a 15‑day response window for institutions requested to provide information for PIAC’s reports. Despite the outstanding data, the report assessed petroleum revenue collection, production, expenditure and management during the first half of 2026.
Petroleum revenue receipts rose to US$561.4 million in the first half of 2026, up from US$370.3 million in the same period of 2025, largely due to higher crude oil prices and increased corporate income tax receipts. The average crude oil price was US$92.80 per barrel, above the benchmark price of US$76 per barrel. PIAC cautioned that the revenue increase was driven largely by higher prices rather than a rise in production, highlighting the vulnerability of petroleum receipts to international market fluctuations.
