The Minister for Energy and Green Transition, Hon. John Abdulai Jinapor, has unveiled a set of policy reforms aimed at reversing a 32 percent decline in the country’s oil production and boosting investor confidence in the petroleum sector.
Speaking at the 2025 Local Content Conference in Takoradi, Mr. Jinapor said crude output has dropped from 71.4 million barrels in 2019 to 48.2 million barrels due to regulatory inefficiencies, slow licensing, and an uncompetitive tax regime.
To address these challenges, a Legislative Review Committee has been established to assess upstream petroleum laws and fiscal frameworks, with recommendations expected by the end of November 2025. The reforms are designed to attract new investments, encourage reinvestment by existing operators, expand gas infrastructure, and strictly enforce local content rules to ensure Ghanaians benefit directly from the sector.
Acting CEO of the Petroleum Commission, Madam Emelia Hardcastle, reported renewed investor interest, noting that three supermajors and one large independent company have shown interest in Ghana’s oil blocks, while the Western Regional Minister called for stronger collaboration between industry and academia to enhance innovation and skills transfer.