An economist, Professor Peter Quartey, has appealed to the government to renew investment strategies in the country’s petroleum sector, as crude oil production continues to perform poorly for six consecutive years.
His comments follow a recent report by the Public Interest and Accountability Committee (PIAC), which stated that Ghana’s total crude oil output dropped to 37.3 million barrels in 2025, marking a significant decline from the peak of 71.4 million barrels recorded in 2019. This trend has raised concerns about the long-term sustainability of production.
Speaking to GhanaWeb Business on the sidelines of the launch of PIAC’s 2025 annual report on Wednesday, April 9, 2026, he stressed that while attracting foreign investors remains important, the government must also look inward and boost domestic investment in the sector.
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He further noted the need for the Ghana National Petroleum Corporation (GNPC) to play a more active role in financing exploration and development activities.
“We have seen the decline in production, which we have highlighted in the report. They need to ramp up production, but that all requires investment. We are not attracting enough investors into the industry. But let us also note that some investors are moving away from fossil fuels. They are going to renewables and the rest,” he said.
Professor Quartey noted that global shifts towards renewable energy are making it harder to attract investors into fossil fuel industries, including oil and gas.
As a result, he believes Ghana must create more attractive conditions to draw investment into the sector.
“So you need to make it more attractive to get more investors into the sector. And as a country, it shouldn’t just be external foreign investors. We, as a country, should also have a stake,” he added.
He further emphasised the importance of increasing local participation, arguing that it would help bridge the investment gap while giving Ghana a stronger stake in its natural resources.
“We should increase our investment in the area through GNPC, invest more into the sector so we are able to drill more wells and increase production,” he said.
The continued decline in crude oil output is also raising concerns about its impact on government revenue and foreign exchange earnings, as the petroleum sector remains a key contributor to the economy.
SO/SA
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