NPA surplus soars 76% to GHC447 million as revenue hits GHC819.5 million in 2025

The National Petroleum Authority (NPA) has recorded a significant improvement in its financial performance, with total revenue rising by 43.09% to GH¢819.50 million in 2025, according to the 2025 State Ownership Report published by the State Interests and Governance Authority (SIGA) .

The strong performance translated into a sharp increase in the Authority’s surplus, which climbed by 75.89% to GH¢447.19 million, compared with GH¢254.24 million recorded a year earlier . The figures underscore the NPA’s strengthened revenue-generating capacity and improved returns on its financial investments.

Revenue Growth Driven by IGF and Finance Income

A key driver of the revenue growth was Internally Generated Funds (IGF), which increased by 38.40% from GH¢431 million in 2024 to GH¢596.50 million in 2025, accounting for the largest share of the Authority’s revenue .

Finance income recorded the fastest growth among the NPA’s revenue streams, more than quadrupling by 332.11% from GH¢17.35 million to GH¢74.99 million . The SIGA report attributes the increase to improved returns on investments and treasury management activities, indicating that investment income is playing an increasingly significant role in the Authority’s overall financial performance .

Other income also strengthened, rising by 19.22% from GH¢127.29 million in 2024 to GH¢151.76 million in 2025 .

Expenditure Rises, but Revenue Growth Outpaces

While the NPA’s expenditure increased during the year, the growth was significantly slower than the rise in revenue. Administrative expenses rose by 17.61% to GH¢354.86 million, from GH¢301.73 million in 2024 . The report attributes the increase to the expanded scope of the Authority’s regulatory, administrative, and institutional operations .

Operating expenses recorded a more modest 4.15% increase, moving from GH¢16.30 million to GH¢17.32 million, while finance costs edged up by 22.25%, from GH¢0.11 million in 2024 to GH¢0.13 million in 2025 .

The widening gap between revenue growth and expenditure increases drove the 75.89% jump in surplus to GH¢447.19 million, reinforcing the Authority’s stronger financial position in 2025 .

Context: A Growing Downstream Sector

The NPA’s improved financial performance comes amid significant growth in Ghana’s downstream petroleum sector. According to the Chamber of Oil Marketing Companies (COMAC), Ghana consumed 7.45 billion litres of petroleum products in 2025, representing a 15% increase in total product supply and demand . The growth was largely driven by the transportation sector and electricity generation .

The demand growth has also been accompanied by increased regulatory activity. The NPA has intensified efforts to combat illicit fuel trade, including fuel smuggling, adulteration, and unlicensed oil transfers . The Authority has been granted prosecutorial fiat, allowing it to directly prosecute defaulters, a move aimed at strengthening compliance across the petroleum value chain .

Regulator’s Expanded Mandate

The NPA’s financial results reflect the growing scope of its regulatory mandate. The Authority regulates the entire downstream petroleum value chain, from importation to distribution and retail, including licensing activities such as bunkering, refinery establishment, and the construction of filling stations . Under the Uniform Petroleum Pricing Policy, the NPA also ensures equitable fuel access nationwide by absorbing the higher cost of transporting fuel to northern regions within a single national pricing structure .

Looking Ahead

The 2025 performance highlights the NPA’s increased revenue-generating capacity and the growing contribution of investment and treasury management activities to its bottom line. As Ghana’s petroleum demand continues to rise, with refiners like Sentuo Oil Refinery now supplying about 20% of the diesel consumed in the country , the NPA’s strengthened financial position will be critical in supporting its regulatory responsibilities and ensuring the sustainability of the sector.