Ghana has generated $2.7 billion from petroleum revenues since 2011, yet critics argue these funds have failed to deliver transformative development due to fragmented spending.
Civil society leaders recently highlighted systemic shortcomings in the country’s oil revenue management during a Public Interest and Accountability Committee (PIAC) forum.
Richard Ellimah of PIAC criticized the government’s approach: “We’ve stretched funds across all 13 priority areas in the Petroleum Revenue Management Act (PRMA) rather than focusing on strategic sectors.” He described oil revenues being used as “petty cash” to patch budget gaps instead of funding infrastructure or economic diversification.
Energy analyst Kwame Jantuah contrasted Ghana’s approach with Norway’s long-term planning: “They implemented a 40-year development framework, while we rushed production in three years without building local capacity.” While acknowledging progress in gas-powered electricity generation, Jantuah noted most oil revenues have been consumed rather than invested.
The PRMA mandates focusing on four priority sectors at a time, but shifting government priorities have diluted impact. Ellimah warned that without disciplined planning, Ghana risks squandering future oil revenues as global energy transitions accelerate.
Ghana’s experience mirrors resource governance challenges across Africa, where 70% of oil-producing nations score “weak” or “poor” on natural resource revenue management indexes (NRGI 2023).
