The Office of the Special Prosecutor (OSP) has launched an official investigation into the alleged embezzlement of GH¢1.3 billion from the National Petroleum Authority (NPA). The inquiry, announced by Special Prosecutor Kissi Agyebeng at a press conference on Wednesday, February 12, focuses on suspected corruption and corruption-related offenses linked to the misappropriation of funds from the Unified Petroleum Pricing Fund (UPPF), a crucial mechanism designed to stabilize petroleum prices nationwide.
The probe centers on four key individuals: Jacob Amoah, Coordinator of the UPPF; NPA staff members Wendy Ashong Newman and Freda Tandoh; and former NPA Chief Executive Officer Mustapha Abdul-Hamid. These individuals are suspected of playing various roles in the alleged financial irregularities that have rocked the regulatory body.
Announcing the investigation, Agyebeng emphasized the importance of holding those in positions of power accountable for any financial misconduct. “The OSP has commenced investigations into suspected corruption and corruption-related offenses regarding an alleged embezzlement of GH¢1.3 billion from the Unified Petroleum Pricing Fund at the National Petroleum Authority. The investigation primarily targets the following persons: the Coordinator of the UPPF, Jacob Amoah; NPA staff members Wendy Ashong Newman and Freda Tandoh; and a former Chief Executive of the NPA, Mustapha Abdul-Hamid,” he stated.
The Unified Petroleum Pricing Fund (UPPF) plays a critical role in ensuring uniform fuel pricing across Ghana. By compensating petroleum service providers for transportation costs, the fund guarantees that consumers pay the same price for fuel, regardless of location. The alleged misappropriation of such a significant amount raises serious concerns about the fund’s management and the effectiveness of oversight mechanisms within the NPA.
Mustapha Abdul-Hamid, who served as NPA CEO from 2021 until early 2024, is a central figure in the investigation. His tenure saw the Authority overseeing key regulatory responsibilities, including petroleum product pricing, fuel quality assurance, and the administration of the UPPF. Given his leadership role, investigators are keen to establish whether he had direct involvement in or knowledge of the alleged financial misconduct.
The suspected embezzlement case has sparked intense public debate, with many questioning how such a massive sum could go unaccounted for without immediate detection. Analysts and industry experts argue that this case underscores deeper systemic flaws within Ghana’s petroleum regulatory framework, particularly concerning financial transparency and institutional accountability.
Governance and anti-corruption advocates have called for a thorough, independent inquiry to ensure that all individuals found culpable are held accountable. Some stakeholders have urged the OSP to broaden the scope of its investigation to assess whether additional parties may have been complicit in the financial irregularities.
The unfolding scandal has also drawn reactions from political figures, with members of the opposition demanding swift action to recover the missing funds. Some have used the case to highlight the need for greater oversight of public institutions, particularly those managing large financial portfolios.
Meanwhile, the NPA has yet to release an official statement regarding the OSP’s investigation. However, sources within the Authority suggest that internal audits and compliance mechanisms will be reviewed to prevent future financial mismanagement.
The investigation is expected to be rigorous, with forensic auditors and legal experts working to trace the missing GH¢1.3 billion and determine how it was diverted. Given the significance of the UPPF in maintaining petroleum price stability, stakeholders are keen to see a resolution that restores confidence in the fund’s management.
Reports indicate that the alleged fraudulent activities may have spanned several years, raising concerns about whether the fund has suffered similar financial leaks in the past. Some industry experts argue that weaknesses in financial oversight have created loopholes for mismanagement. The OSP’s investigation will likely assess previous transactions to determine whether other irregularities exist beyond the current case.
The controversy surrounding this case also sheds light on the broader issue of corruption in Ghana’s energy sector. Over the years, allegations of financial mismanagement, procurement fraud, and contract manipulation have frequently surfaced, affecting the efficiency of power and petroleum distribution. Many observers believe that unless firm measures are taken to ensure accountability, cases like this will continue to plague state institutions.
Public reaction to the case has been strong, with many Ghanaians expressing frustration over the repeated loss of public funds to corruption. Social media platforms have been flooded with discussions, with citizens demanding transparency in the investigation and calling for reforms to prevent such occurrences in the future.
In response to these concerns, some civil society organizations have urged the government to strengthen anti-corruption laws and ensure that state institutions are subjected to independent financial audits. They argue that unless tighter financial controls are introduced, public confidence in regulatory agencies like the NPA will continue to erode.
As the probe continues, there is increasing pressure on the OSP to ensure transparency and provide regular updates on its findings. The Ghanaian public, already concerned about corruption in public institutions, is eager to see firm actions taken against those responsible for the alleged financial malpractice.
The outcome of this case could have far-reaching implications for governance and financial accountability in Ghana. Should the investigation confirm large-scale embezzlement, it will likely prompt reforms in the management of petroleum sector finances, with stricter oversight measures introduced to prevent future occurrences.
For now, all eyes remain on the Office of the Special Prosecutor as it delves deeper into what could be one of the largest financial scandals in Ghana’s petroleum sector.
