The Public Interest and Accountability Committee (PIAC) has called on the government to intervene in the decline of Ghana’s crude oil production and attract new investments into the upstream petroleum sector.
This comes after PIAC, in its 2025 Semi-Annual Report covering January to June, noted that crude oil output dropped by 25.92 percent, falling from 24.86 million barrels in H1 2024 to 18.42 million barrels in the first half of 2025.
The Committee warned that without immediate intervention, the continued reduction in production could have significant implications for the country’s revenue and overall economic stability.
“The Committee reiterates its call on the government, as a matter of urgency, to ensure that the Ministry of Energy and its allied agencies increase efforts to arrest the decline in crude oil production and secure investments into Ghana’s upstream petroleum industry,” the report stated.
PIAC also highlighted that Ghana has not signed any new Petroleum Agreements since 2018, a development it described as a warning signal for the sector’s long-term growth.
The Committee emphasized that attracting fresh investment is crucial to sustaining production levels, modernizing infrastructure, and enhancing national revenue from petroleum resources.
The report further revealed that surface rental arrears have surged to US$2.82 million in H1 2025, compared to just US$439,011 in H1 2024, indicating persistent challenges in revenue collection and management.
The Committee also urged the government to prioritize projects that deliver tangible returns and implement a long-term national development plan to ensure sustainable use of petroleum revenues.
Source: Starrfm.com.gh
