The Auditor-General’s report on the management of petroleum funds from January 1 to December 31, 2022, has revealed that the Ghanaian government still needs to recover US$2,774,067 in surface rentals owed by 12 oil companies.
According to the report, the total estimated proceeds from surface rentals for the period amounted to US$3,461,825.95. However, only US$687,759 was received from the defaulting oil companies, leaving a substantial outstanding balance.
“Out of the 18 operating companies, 12 have defaulted on their surface rental payments. Of these debtors, eight companies have existing petroleum agreements, while four had their agreements terminated,” the report disclosed.
The Auditor-General highlighted that despite efforts, the government collected only a fraction of the owed amount, with US$71,935 received relating to terminated contracts.
“As of December 31, 2022, the outstanding amount for surface rentals stood at US$2,774,067, representing 80% of the estimated receipts for the year.
Notably, US$1,803,124 of the outstanding sum pertained to contractors whose petroleum agreements were terminated by the Minister of Energy,” the report stated.
The findings underscore challenges in revenue collection within Ghana’s petroleum sector, prompting calls for enhanced oversight and stricter enforcement to safeguard national interests.
For further details on the Auditor-General’s findings and government initiatives to address these financial gaps, stakeholders are encouraged to review the full report or contact the Auditor-General’s office directly.
