- Ghana's debt to GNPC reached $1.25 billion by December 2024, according to PIAC
- PIAC raised concerns about GNPC's financial sustainability due to increasing government borrowing
- GNPC had previously struggled to recover $126.68 million in revenue from loans and guarantees
The government’s debt to the Ghana National Petroleum Corporation (GNPC) has risen to $1.25 billion as of December 2024, according to the latest report from the Public Interest and Accountability Committee (PIAC).
This increase has raised fresh concerns about the long-term sustainability of the state-owned oil company. PIAC’s 2021 report highlighted that GNPC was unable to recover $126.68 million in planned revenue from loans and guarantees, contributing to a total of $318.09 million owed by the government and its agencies since 2011.
At the time, PIAC urged GNPC to make stronger efforts to recover these funds to protect its work programme. It also recommended that the Corporation halt issuing new loans and guarantees until substantial repayments were made.
Despite these earlier recommendations, PIAC’s most recent report shows a significant rise in government debt to GNPC, now at $1.25 billion, primarily due to additional disbursements and guarantees from the Corporation. PIAC has strongly criticized the government’s ongoing dependence on GNPC for financing and has called for immediate repayment of the outstanding debts to ensure the Corporation’s financial health.
