The fall in output contributed to a steep decline in petroleum revenue
Ghana has not been able to attract new investments in its upstream petroleum industry, the Public Interest and Accountability Committee (PIAC) has stated.
Presenting highlights of the 2025 Semi-annual Report to journalists via Zoom on Wednesday October 22, 2025 in Accra, Richard Kojo Ellimah, Chair of PIAC’s Technical Sub-committee, said “Ghana is not attracting new investments in its upstream petroleum industry, to the extent that no new Petroleum Agreement has been signed since 2018.”
The oversight body, established under the Petroleum Revenue Management Act (PMRA), said the lack of investor interest coincides with a sharp drop in oil production.
Crude output, according to the report, fell by 25.9 per cent—from 24.86 million barrels in the first half of 2024 to 18.42 million barrels in the same period of 2025.
“The Committee reiterates its call on the government, as a matter of urgency, to ensure that the Ministry of Energy and its allied agencies increase efforts to arrest the decline in crude oil production and secure investments into Ghana’s upstream petroleum industry,” he said.
The fall in output contributed to a steep decline in petroleum revenue, which dropped by 56 per cent—from US$840.8 million in the first half of 2024 to US$370.3 million in the same period this year.
The report attributed the shortfall mainly to lower crude production and weaker international prices, which averaged US$74.93 per barrel compared with US$86.12 a year earlier.
The report also noted that there was no lifting by the Ghana Group on the Tweneboa-Enyenra-Ntomme (TEN) Field during the review period, further constraining government receipts.
Ellimah said the situation called for stronger policy direction to restore investor confidence.
“Without new exploration and production activity, Ghana’s petroleum reserves and revenues will continue to dwindle, undermining our ability to finance development,” he said.
Since the discovery of oil in commercial quantities in 2007, Ghana has relied heavily on petroleum receipts to fund priority infrastructure and social projects through the Annual Budget Funding Amount (ABFA).
Cumulative revenue from petroleum activities since 2011 now stands at US$11.58 billion, according to the report.
He urged the government to prioritise reforms aimed at attracting private capital and technological expertise to reverse the downward trend.
The report further recommended that the Ghana National Petroleum Corporation (GNPC) be adequately resourced and its establishing law reviewed “so that the Corporation will be better positioned to offer leadership in the exploitation of Ghana’s petroleum resources.”
PIAC called on authorities to strengthen collaboration between the Ghana Revenue Authority, Petroleum Commission, Bank of Ghana, and the Ministry of Energy to recover outstanding surface rental arrears, which rose to US$2.82 million by the end of June 2025.
Despite the challenges, PIAC commended the government for channelling ABFA spending solely into infrastructure development, describing it as a step towards better value for money.
“The Committee remains committed to safeguarding Ghana’s petroleum revenues and ensuring transparency in their use,” Ellimah said, urging policymakers to act swiftly “to restore investor confidence and sustain petroleum production for the benefit of present and future generations.”
