Stakeholders in Ghana’s energy sector are urging the Office of the Special Prosecutor (OSP) to widen its ongoing investigation into the management of petroleum funds, particularly focusing on past Chief Executive Officers (CEOs) of the National Petroleum Authority (NPA).

This call follows allegations of the embezzlement of GHS 1.3 billion from the Unified Petroleum Price Fund (UPPF) under the tenure of former NPA CEO Mustapha Hamid.

Kojo Yaotse, Policy Lead for Conventional Energy at the African Centre for Energy Policy (ACEP), has called for a full audit of the petroleum funds spanning multiple administrations.

“We believe this investigation should be expanded.
“It should not be limited to the current period but should extend beyond the tenure of the immediate past CEO and managers. We need a full and thorough investigation.”
Kojo Yaotse, Policy Lead for Conventional Energy at the African Centre for Energy Policy (ACEP)

ACEP is considering submitting additional concerns to the OSP for review, emphasizing the need for structural reforms in the petroleum fund’s management.

The UPPF is a critical mechanism designed to stabilize fuel prices and ensure the equitable distribution of petroleum products across Ghana’s regions, particularly in remote areas. However, recent accusations of financial misappropriation have raised concerns about the fund’s administration and accountability.

Industry experts and policy analysts argue that the OSP’s probe should not be limited to one administration but should review past NPA leadership to uncover potential systemic financial mismanagement.

The OSP, which has been at the forefront of the government’s efforts to tackle corruption within key sectors, launched the investigation into the UPPF in response to claims of financial irregularities under the leadership of Mustapha Hamid.

The former NPA CEO’s tenure, which ended with his resignation, has come under scrutiny, with accusations that a significant portion of the GHS 1.3 billion in the fund was mishandled.

While the OSP is focusing its efforts on this specific period, many energy sector experts and advocacy groups are calling for a more comprehensive investigation that spans multiple administrations.

CEMSE Calls for Board-Level Scrutiny

Benjamin Nsiah, Executive Director of the Centre for Environmental Management and Sustainable Energy (CEMSE), echoed Yaotse’s sentiments, advocating for a more expansive investigation that includes not only the NPA CEO but also the board members and the Minister of Energy who oversaw the NPA during the relevant periods.

Mr. Nsiah suggested that these individuals could have played a role in overseeing, approving, or failing to address the financial irregularities within the UPPF.

“Investigators should go beyond the immediate past CEO and extend the inquiry to the board and the Minister of Energy during that period.”
Benjamin Nsiah, Executive Director of the Centre for Environmental Management and Sustainable Energy (CEMSE)

Mr. Nsiah highlighted that corruption and mismanagement in the petroleum sector often involve a network of individuals and institutions, and isolating a single administration might not capture the full scale of potential wrongdoing.

The allegations of financial mismanagement within the NPA’s petroleum fund have reignited discussions on transparency and accountability in Ghana’s energy sector.

With increasing pressure from industry players like ACEP and CEMSE, the OSP now faces a crucial decision on whether to extend the probe beyond the tenure of Mustapha Hamid.

A broader investigation could uncover systemic issues in the management of Ghana’s petroleum revenues, strengthen institutional governance, and set a precedent for financial accountability.

However, challenges such as political interference and limited resources could hinder efforts to achieve comprehensive sectoral reforms.

As the situation unfolds, the energy sector and the Ghanaian public await decisive action from the OSP, hoping for meaningful changes that will secure Ghana’s petroleum wealth for future generations.