The Executive Director of the Africa Centre for Energy Policy (ACEP), Ben Boakye, has criticised the government’s potential acquisition of Springfield Exploration & Production’s oil asset, arguing that the deal runs contrary to Ghana’s financial interests.

According to him, the oil block in question is a state-owned resource and should be reclaimed, not purchased, following Springfield’s failure to meet its contractual obligations.

In a post shared on his X page on November 20, 2025, Boakye warned that the government cannot continue financing non-performing oil assets at a time when economic hardship and poverty levels are rising.

He described the ongoing negotiations between GNPC and Springfield as unreliable and based on discredited data.

“We often hold politicians accountable, but technical people who moonlight for private interests — and advise accordingly — get away with it. In this case, GNPC and Explorco top officials are complicit. Earlier this year, Springfield and Explorco officials attempted to value the Springfield asset between $433 million and $1.1 billion. They hired a credible consultant — but provided discredited data, essentially predetermining the outcome of the assignment. Garbage in, garbage out,” he wrote.

He referenced findings from the Petroleum Commission, noting that the regulator had been “unequivocal” in stating that Springfield’s appraisal claims were inaccurate.

“The Petroleum Commission has been unequivocal: Springfield’s appraisal claims were wrong,” he added.

Boakye further advised that the government should focus on enforcing contractual obligations rather than spending scarce public resources.

“What Ghana needs is the enforcement of contractual obligations, not the acquisition of non-performing assets. Many oil blocks have been dormant for a decade. There is too much poverty in this country for the state to spend scarce public funds on wasteful, trumped-up ventures,” the ACEP boss said.

From every objective assessment, acquisition of Springfield’s asset is a bad move. Here’s why:

1. The oil block belongs to the state. Contractors are supposed to take the risk and share benefits only when they succeed.

2. When contractors fail, the state’s duty is to reclaim… pic.twitter.com/Xys52nFPrk

— Benjamin Boakye (@benboakye) November 19, 2025