The Ghana National Petroleum Corporation (GNPC) has reaffirmed its commitment to transparency, accountability, and stakeholder engagement following a high-level strategic meeting with the Public Interest and Accountability Committee (PIAC) at Petroleum House in Tema.
The discussions focused on GNPC’s adherence to governance principles, its sustainability plans beyond 2026, and the ongoing management of Ghana’s petroleum resources in alignment with national interests.
During the meeting, Acting Chief Executive Officer of GNPC, Mr. Kwame Ntow Amoah, reiterated the Corporation’s dedication to upholding the oversight responsibilities of PIAC as outlined in the Petroleum Revenue Management Act (PRMA), 2011 (Act 815).
“We’ll uphold an open-door policy with PIAC and all stakeholders.
“Our priority is to manage Ghana’s petroleum resources responsibly, ensuring long-term benefits for the nation through ongoing engagement.”
Kwame Ntow Amoah, Acting CEO of GNPC
He assured that GNPC remains committed to submitting timely semi-annual and annual reports, as well as reconciliation statements, to ensure transparency in the management of petroleum revenues.
A significant part of the discussions centered on GNPC’s sustainability beyond 2026, particularly as the Corporation seeks to transition into a more diversified energy entity.
Mr. Ntow Amoah outlined a subsidiarization strategy designed to make GNPC a fully integrated operator and broaden its revenue streams.
“The operationalization of Explorco as an independent upstream exploration and production subsidiary is a critical step in our strategy.
“In addition, we are advancing plans to establish new subsidiaries focused on Trading & Marketing as well as Research & Development to strengthen GNPC’s long-term sustainability.”
Kwame Ntow Amoah, Acting CEO of GNPC
PIAC members welcomed this initiative, emphasizing the need for GNPC to remain financially prudent and competitive within the evolving global energy landscape.
Key Exploration Projects
The meeting also provided an update on GNPC’s exploration activities, particularly the Voltaian Basin Project, which is at the heart of Ghana’s upstream expansion strategy.
Mr. Ntow Amoah noted that the project is undergoing a comprehensive technical review to ensure adherence to environmental and regulatory compliance standards.
In addition to the Voltaian Basin initiative, the Block 1 project was highlighted as a strategic effort aimed at bolstering Ghana’s crude oil production and mitigating the impact of declining output levels.
The PIAC delegation underscored the importance of these projects in maintaining Ghana’s oil production capacity while urging GNPC to prioritize efficiency and cost-effectiveness in its operations.
PIAC Chairman, Mr. Constantine Kudzedzi, acknowledged GNPC’s proactive approach to governance and expressed satisfaction with the Corporation’s cooperation on financial and operational matters.
“GNPC has shown a consistent commitment to engaging with PIAC, which strengthens accountability and ensures that Ghana’s petroleum wealth is managed in the best interest of the people.”
Mr. Constantine Kudzedzi, PIAC Chairman
Financial transparency was another key topic of discussion, with PIAC emphasizing the importance of prudent budgetary management and revenue accountability.
GNPC assured the committee that it remains focused on optimizing expenditure while ensuring that all funds allocated to projects align with national economic priorities.
PIAC commended GNPC’s commitment to financial transparency but urged the Corporation to enhance its efforts in maximizing revenue retention and improving cost efficiencies.
“GNPC must continue refining its financial strategies to secure long-term sustainability while ensuring that every cedi invested delivers tangible benefits to the nation.”
Mr. Constantine Kudzedzi, PIAC Chairman
Strengthening the GNPC-PIAC Partnership
The meeting concluded on a positive note, with both parties reaffirming their commitment to fostering greater collaboration in the management of Ghana’s petroleum sector.
PIAC encouraged GNPC to sustain its focus on key areas such as production optimization, financial prudence, and environmental sustainability.
“We are optimistic that through continuous engagement and strategic planning, GNPC will be well-positioned to navigate future challenges and drive sustainable growth in Ghana’s petroleum sector.”
Kwame Ntow Amoah, Acting CEO of GNPC
As GNPC works towards expanding its role in Ghana’s energy sector, the Corporation’s commitment to transparency, operational efficiency, and long-term sustainability will remain crucial in ensuring that Ghana’s petroleum resources contribute meaningfully to national development.
The strategic meeting between GNPC and PIAC highlights the importance of strong governance structures, proactive stakeholder engagement, and financial transparency in Ghana’s oil and gas industry.
With a focus on post-2026 sustainability, exploration advancements, and responsible petroleum resource management, GNPC is taking decisive steps to secure Ghana’s energy future while maintaining its commitment to accountability and national development.
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