PIAC Urges Government to Attract New Investors to Boost Ghana’s Oil and Gas Sector
PIAC raises concerns over declining oil production and urges government to expand exploration through new investments.
- PIAC raises concerns over declining oil production and urges government to expand exploration through new investments.
- PIAC calls for new investors to explore untapped oil fields and boost output.
- Petroleum receipts drop significantly due to reduced production and lower oil prices.
The Public Interest and Accountability Committee (PIAC) has called on the government to implement measures aimed at attracting new investors to explore untapped oil fields across Ghana, as part of efforts to revitalize the country’s declining petroleum sector.
The recommendation comes amid concerns over a steady drop in crude oil production from Ghana’s existing oil fields, many of which are entering weaker production phases and struggling to maintain output levels.
Presenting the committee’s 2025 report on oil and gas revenues, PIAC Chairman Richard Ellimah disclosed that the country recorded its sharpest decline in crude oil production since it began commercial production.
According to the report, receipts from crude oil liftings for the Ghana Group fell significantly by 50.58 percent—from $843.522 million in 2024 to $416.878 million in 2025. Additionally, there were no inflows from the TEN Field due to delays in completing its 25th lifting, which was expected to be the only lifting for the period.
Overall, total petroleum receipts for 2025 dropped to $770.2 million, representing a 43.27 percent decline compared to $1.35 billion recorded in 2024.
Mr. Ellimah emphasized the need for strategic intervention to reverse the trend, urging government to open up new exploration opportunities and encourage increased investment in the sector.
“As part of our mandate, we are recommending that government takes steps to attract new investors to explore other fields and inject more capital into the sector, so we do not depend solely on the current fields, which are experiencing declining production,” he stated.
The report attributes the downturn largely to lower global oil prices and reduced output across the producing fields, highlighting the urgent need for diversification and renewed investment to sustain Ghana’s oil and gas industry.
PIAC believes that expanding exploration activities and bringing in new investors will help stabilize production, boost revenue, and secure long-term benefits for the country’s economy.
