As of December 2024, the government’s debt to the Ghana National Petroleum Corporation (GNPC) has escalated to $1.25 billion.
This information comes from the most recent report by the Public Interest and Accountability Committee (PIAC), which has raised new concerns regarding the sustainability of the state-owned oil entity.
In its 2021 annual report, PIAC disclosed that GNPC was unable to recover $126.68 million in anticipated revenue from loans and guarantees, contributing to a total of $318.09 million owed by the government and its agencies since 2011.
PIAC previously urged GNPC to enhance its efforts in recovering these overdue amounts to ensure the effective execution of its work program. Furthermore, it recommended that the Corporation halt the issuance of new loans and guarantees until substantial repayments are made.
Nevertheless, PIAC’s latest report indicates that the government’s debt to GNPC has surged to $1.25 billion by the end of December 2024, primarily due to additional disbursements and guarantees provided by the Corporation.
The Committee has voiced strong disapproval of the government’s ongoing dependence on GNPC for financing and has reiterated the need for immediate repayment of outstanding debts to maintain the Corporation’s financial stability.
