Fresh questions are being raised about the role of Explorco after the latest report by the Public Interest and Accountability Committee (PIAC) revealed that the company owes the state more than $561 million in unpaid petroleum revenue.
The amount, covering the period between 2022 and 2024, has put a spotlight on Explorco, a subsidiary of the Ghana National Petroleum Corporation. The report is prompting concerns about how such a large sum remains unpaid and what is being done to recover it.
Observers say the issue is not just about the money. It also raises broader concerns about transparency and oversight in Ghana’s petroleum sector, especially when it comes to state-linked companies.
The findings have drawn reactions from civil society groups, who warn that delays in paying such revenues could affect public confidence in how the country’s natural resources are managed. They say failure to address the situation could weaken trust in institutions responsible for handling petroleum income.
Explorco has often been described as a key player in the state’s upstream oil activities, but the latest report is likely to increase calls for closer scrutiny of its finances and reporting.
Some industry watchers believe government could come under pressure to enforce payment obligations more strictly and strengthen monitoring systems to avoid similar situations going forward.
The PIAC report is expected to revive debate around accountability in the oil sector, particularly how state-owned companies operate and whether they are meeting required standards.
For now, attention remains on Explorco, with many waiting to see how the outstanding amount will be addressed and what it means for the management of Ghana’s oil revenues.
Story by Desmond Okraku Danso || Metro Newsroom
