The Public Interest and Accountability Committee (PIAC) has raised concerns over Ghana’s inability to attract new investments in the upstream petroleum sector, revealing that no new petroleum agreements have been signed since 2018.
This warning comes in the Committee’s 2025 Semi-Annual Report, covering the period January to June 2025, now available on PIAC’s official website.
According to the report, the stagnation in upstream investment coincides with a sharp decline in crude oil production, which fell by 25.92 percent from 24,857,478 barrels in the first half of 2024 to 18,415,411 barrels in the same period this year.
PIAC attributed this drop to both lower production and market challenges, highlighting the urgent need for renewed investor confidence.
“PIAC observes that Ghana is not attracting new investments in its upstream petroleum industry, to the extent that no new Petroleum Agreement has been signed since 2018,” the report stated, emphasizing the potential long-term implications for revenue generation and economic growth.
The Committee also pointed out rising surface rental arrears, which grew from US$439,011 in H1 2024 to US$2.82 million by mid-2025, signaling challenges in revenue collection.
PIAC warned that unless immediate steps are taken to attract new investment and strengthen upstream operations, Ghana risks a further decline in petroleum revenues critical to national development.
The Committee recommended that the Ministry of Energy and its allied agencies intensify efforts to secure investments in the upstream sector while enhancing oversight and collaboration with the Ghana Revenue Authority and Petroleum Commission.
Source: Starrfm.com.gh
