Crude oil production decline worrying - PIAC

According to the 2025 Annual Report by the Public Interest and Accountability Committee (PIAC) on petroleum revenue sources, the country has generated a cumulative US$11.97billion since 2011 – highlighting the industry’s central role in national revenue mobilisation.

Even with that, production trends indicate a gradual decline in output. Crude oil production declined for the sixth consecutive year in 2025.

Production dropped from a high of 71.44 million barrels in 2019 to 37.3 million barrels in 2025, representing a compounded annual average decline of nine (9) percent – a confirmation of long-standing concerns that Ghana’s oil fields have matured and are now on a downward trajectory.

According to the report, this sustained decline underscores a need for strategic intervention to revitalise the sector and safeguard future production levels. Consequently, the Petroleum Commission has been tasked to develop a robust framework aimed at boosting investment in existing producing fields.

The Committee further recommended improvements to Ghana’s regulatory and fiscal regimes to make the upstream petroleum sector more attractive for investors.

PIAC urged government, through the Petroleum Commission, to develop a framework to improve investment in existing producing fields – particularly the TEN field where production has underperformed initial projections.

Decisive policy action is required to arrest the decline and ensure that Ghana continues to derive sustainable value from its petroleum resources.

PIAC, mandated to oversee the management of petroleum revenue, prepares statutory reports to keep citizens and stakeholders informed.

It examines key aspects of petroleum revenue management including production, liftings, total revenues received by the state, allocations, utilisation of the Annual Budget Funding Amount (ABFA) and management of the Ghana Stabilisation Fund and Ghana Heritage Fund.