The National Petroleum Authority (NPA) recorded a strong improvement in its financial performance in 2025, with total revenue rising by 43.09 percent to GH¢819.50 million and its surplus increasing by 75.89 percent to GH¢447.19 million.

The figures are contained in the 2025 State Ownership Report published by the State Interests and Governance Authority (SIGA).

The NPA’s total revenue increased from GH¢572.71 million in 2024 to GH¢819.50 million in 2025, driven largely by growth in internally generated funds (IGF), finance income and other income.

Internally generated funds rose by 38.40 percent, 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 strongest growth among the NPA’s revenue streams, increasing by 332.11 percent from GH¢17.35 million in 2024 to GH¢74.99 million in 2025.

According to the SIGA report, the significant increase was driven by improved returns on investments and treasury management activities.

Other income also contributed to the revenue growth, increasing by 19.22 percent from GH¢127.29 million in 2024 to GH¢151.76 million in 2025.

The strong growth in revenue outpaced the increase in expenditure, enabling the Authority to significantly improve its financial position during the year.

As a result, the NPA recorded a surplus of GH¢447.19 million in 2025, compared with GH¢254.24 million in 2024.

The increase represents a 75.89 percent growth in the Authority’s surplus within the one-year period.

Expenditure rises

The improved financial performance was achieved despite increases in some key expenditure items.

Administrative expenses increased by 17.61 percent, rising from GH¢301.73 million in 2024 to GH¢354.86 million in 2025.

The report attributed the increase to the expansion of the NPA’s regulatory, administrative and institutional operations.

Operating expenses also increased, although at a more moderate pace, rising by 4.15 percent from GH¢16.30 million in 2024 to GH¢17.32 million.

Finance costs recorded a relatively small increase in absolute terms, rising from GH¢0.11 million in 2024 to GH¢0.13 million in 2025, representing a 22.25 percent increase.

Despite the rise in expenditure, the Authority’s revenue growth remained significantly stronger, resulting in the sharp increase in its annual surplus.

The financial performance highlights the impact of stronger internally generated revenue and improved investment returns on the Authority’s operations.

The NPA plays a central role in regulating Ghana’s downstream petroleum industry, including the importation, storage, transportation, distribution and marketing of petroleum products.

Its improved financial performance, as reflected in the 2025 State Ownership Report, strengthens its capacity to support its regulatory and institutional responsibilities while maintaining financial sustainability.

The results also place the Authority among state institutions that recorded improved financial outcomes in 2025, as revenue growth and enhanced treasury management contributed to a stronger bottom line.