Ghana targets oil production recovery with $3.5 billion investment deals

Energy Minister, John Jinapor has said that the petroleum sector is expected to rise again in 2026 after five straight years of falling output, driven by new agreements signed with international oil partners.

Speaking during President John Dramani Mahama’s “Resetting Ghana” citizens’ engagement in the Savannah Region on Saturday, May 23, 2026, the minister disclosed that government has secured a combined $3.5 billion investment package to revive the country’s struggling oil and gas sector.

According to him, the first agreement is a $1.5 billion Memorandum of Understanding signed with Italian energy giant Eni, while an additional $2 billion development deal has been reached with the Jubilee Partners to expand activities in existing oil fields and support new offshore exploration.

Jinapor noted that the investments are expected to strengthen deep-water drilling operations, improve production capacity, and restore confidence in Ghana’s petroleum industry after years of declining output.

“For five consecutive years, petroleum production has been declining. This year, let me assure you, petroleum production is not going to decline. It’s going to pick up and rise again,” he stated.

Jinapor also admitted that Ghana’s energy sector still faces significant structural and financial challenges but maintained that ongoing reforms and fresh capital inflows are beginning to stabilise the industry.

He further assures that the investments will also increase oil revenues through royalties and taxes while creating employment opportunities across the local oil and gas value chain.

ANAS/EB

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