Ghana’s upstream petroleum industry has recorded its lowest crude oil production levels in five years, according to the Public Interest and Accountability Committee (PIAC). The decline, highlighted during a media briefing in Tamale, underscores the growing challenges facing the country’s oil sector.
Richard Ellimah, Chairman of PIAC’s Technical Sub-Committee, told reporters that dwindling production coupled with declining investment poses a major threat to the future of Ghana’s petroleum industry. He emphasized that urgent action is needed to reverse the trend and restore investor confidence.
The session, organized by PIAC, focused on the management and use of petroleum revenues. It also sought to equip journalists with the skills to critically analyse issues around petroleum resource governance and revenue utilisation.
Ellimah stressed the importance of the ongoing review of the Petroleum Revenue Management Act (PRMA) and Act 919, saying both reforms are essential for building a transparent framework and attracting global exploration firms to Ghana.
He revealed that PIAC has already submitted recommendations to parliament, urging the Ministry of Energy and related agencies to intensify efforts in securing new investments for upstream operations. Such steps, he argued, would send a strong signal of commitment to international financiers.
PIAC also insists that proceeds from Ghana National Petroleum Corporation (GNPC) crude liftings should be paid directly into the Petroleum Holding Fund, as these constitute indirect state participation.
The committee further called on key state institutions — including the Ghana Revenue Authority, Petroleum Commission, Bank of Ghana and Ministry of Energy — to recover outstanding surface rental arrears owed by oil companies.
On infrastructure, Ellimah urged government to accelerate expansion of gas processing capacity, which would enable Ghana to handle larger volumes of raw gas. He also advised that specific programmes should be defined clearly within priority spending areas to avoid misallocation of funds.