$560M PETROLEUM FUNDS BATTLE: PIAC AND GNPC EXPLORCO
The ongoing dispute between the Public Interest and Accountability Committee (PIAC), the Ghana National Petroleum Corporation (GNPC), and its subsidiary Explorco has intensified, with the matter now formally referred to the Office of the Attorney-General for legal interpretation. At the heart of the disagreement is a critical question: Can Explorco, as a commercial subsidiary of GNPC, legally retain revenue generated from petroleum liftings outside the Petroleum Holding Fund (PHF), or must all such revenues be transferred to the state in accordance with the Petroleum Revenue Management Act (PRMA), 2011 (Act 815)? According to PIAC, Explorco has failed to account for and transfer petroleum revenues amounting to US$561,648,785.35 due to the Republic between 2022 and 2024. The Committee says this has occurred despite numerous recommendations and directives issued over the years. The latest development was disclosed during a media engagement on PIAC's recent petroleum revenue report, ...