Ghana’s petroleum revenues fell sharply by 56% in the first half of 2025, dropping to US$370.6 million compared to US$840.8 million in the same period last year, according to the Bank of Ghana’s latest semi-annual report.
The revenue slump was triggered by a dual hit: a 25.5% decline in crude oil lifted by the Ghana Group—from 3.77 million to 2.81 million barrels—and a fall in global oil prices, which dipped from US$84.08 to US$75.69 per barrel.
This downturn follows a strong 2024 performance when Ghana earned US$1.36 billion in petroleum receipts, the second-highest in its oil history, largely buoyed by high prices and tax windfalls.
However, crude production has been in steady decline since its 2019 peak of 71.44 million barrels, reaching only 48.25 million barrels by end of 2024, due to operational and investment challenges.
The first half of 2025 was worsened by a 14-day production shutdown—six days in March and eight in April—further cutting output and reducing government income.
Mark Obeng Adu Agyemang of PIAC cited these operational disruptions, alongside falling oil prices, as key contributors to the revenue decline.
Despite Ministry of Energy efforts, no new petroleum agreements were signed in 2024—the fifth straight year without new exploration deals—worrying energy analysts and CSOs.
Kodzo Yaotse of the Africa Centre for Energy Policy (ACEP) warned that without new investments, Ghana risks deeper revenue volatility and inability to fund major programmes like the “Big Push” infrastructure plan.
With global prices expected to stay low amid uncertainty, recovery hopes now hinge on improving production levels in the second half of 2025.
Analysts say without urgent reforms and fresh investment, Ghana’s upstream oil sector may remain in structural decline.