Ghana’s upstream petroleum sector is struggling to attract new investments, according to the Public Interest and Accountability Committee (PIAC) in their 2025 Semi-annual Report presented on October 22, 2025, in Accra. Richard Kojo Ellimah, Chair of PIAC’s Technical Sub-committee, noted that no new Petroleum Agreements have been signed since 2018, coinciding with a significant 25.9% drop in crude oil production—from 24.86 million barrels in the first half of 2024 to just 18.42 million barrels in 2025.
This decline has severely impacted petroleum revenues, which plummeted by 56%, falling from US$840.8 million to US$370.3 million during the same period. The report attributes this shortfall to both reduced crude output and weaker international oil prices, averaging US$74.93 per barrel compared to US$86.12 a year earlier. Moreover, there was no lifting from the Tweneboa-Enyenra-Ntomme (TEN) Field, further constraining government receipts.
Ellimah emphasized the urgent need for government action to restore investor confidence and secure investments in the industry. He warned that without new exploration and production activities, Ghana’s petroleum reserves and revenues would continue to dwindle, jeopardizing funding for critical infrastructure and social projects. Since discovering oil in 2007, Ghana has depended heavily on petroleum receipts for development financing, with cumulative revenues reaching US$11.58 billion since 2011.
To reverse the downward trend, PIAC recommended reforms to attract private capital and technological expertise, alongside enhancing the Ghana National Petroleum Corporation’s (GNPC) capacity. The report also urged stronger collaboration among relevant authorities to recover outstanding surface rental arrears, which totaled US$2.82 million by June 2025. Despite these challenges, PIAC commended the government for allocating Annual Budget Funding Amount (ABFA) spending towards infrastructure development, reinforcing its commitment to transparency in managing petroleum revenues.