The Ghana Academy of Arts and Sciences (GAAS) participated in the launch of the 2024 Annual Report of the Public Interest and Accountability Committee (PIAC) on Tuesday, 29th April 2025, at the British Council, Accra. GAAS was represented by Prof. Isabella Akyinbah Quakyi (President), Prof. Obeng Adjei (Honorary Secretary), and Mr. Daniel Hormeku (Executive Secretary).
As a nominating institution of PIAC, GAAS contributes to national accountability efforts through its designated Board representative, Prof. Peter Quartey, the Academy’s Honorary Treasurer. The Academy supports PIAC’s mandate of evidence-based oversight on the governance of Ghana’s petroleum revenues.
PIAC, established under Section 51 of the Petroleum Revenue Management Act, 2011 (Act 815), monitors the collection, allocation, and use of petroleum revenues. Its membership includes civil society, professional and faith-based groups, traditional authorities, and academic institutions such as GAAS.
2024 Report Highlights:
Revenue Growth: Ghana earned US$1.36 billion in petroleum revenues in 2024—a 27.8% increase from 2023.
Production Decline: Crude oil output fell to 48.25 million barrels, continuing a downward trend since 2019.
No New Contracts: No new petroleum agreements were signed for the fifth consecutive year.
Unpaid Transfers: GNPC Explorco withheld US$145.68 million from the Petroleum Holding Fund. Combined with other arrears, total unpaid revenues stand at US$488.79 million.
Fund Reserves Rise: The Ghana Heritage and Stabilization Funds grew by 17.71%, reaching US$1.46 billion.
The launch drew participants from Parliament, CSOs, think tanks, GNPC, development partners, and the media. The Academy reaffirmed its commitment to promoting equity, transparency, and responsible resource governance through its role on PIAC.
