Ghana’s crude oil production falls for 5th consecutive year

Ghana’s crude oil industry is at a critical crossroads after the country recorded a fifth consecutive year of declining oil production in 2024, narrowly missing the previous year’s output by a marginal 0.01%—equivalent to just 7,000 barrels.
This was disclosed in the 2024 Annual Report on the Management and Use of Petroleum Revenues by the Public Interest and Accountability Committee (PIAC), which was launched in Accra.

According to the report, Ghana produced a total of 48,240,010 barrels of crude oil in 2024, compared to 48,247,037 barrels in 2023.
While the difference is marginal, the trend is troubling.
The current figure is a far cry from the peak of 71.44 million barrels recorded in 2019, and reflects a persistent decline in output despite government pledges to rejuvenate the upstream petroleum sector.

No new petroleum agreements signed for 6 years
The PIAC report also highlighted a lack of fresh investment in the upstream sector. Notably, for the sixth consecutive year—since 2018—no new Petroleum Agreement was signed by the Government of Ghana, despite commitments by the Ministry of Energy to court new investors.
“The continued lack of investment in exploration and development is an alarming signal,” said Mr. Constantine Kudzedzi, Chairman of PIAC, during the launch of the committee’s 14th annual and 27th statutory report. “Without new exploration, production will continue to decline, threatening both revenue and energy security.”
Mr. Kudzedzi stressed the need for urgent reforms and action. “Parliament must ensure that the Ministry of Energy and its allied agencies intensify their efforts to secure investments into Ghana’s upstream petroleum industry,” he stated.

Jubilee field dominates production mix
According to PIAC’s data, the Jubilee Field remains Ghana’s dominant oil-producing asset, contributing 66 percent of the total production for 2024.
The Sankofa Gye-Nyame (SGN) field followed with 20 percent, while the Tweneboa-Enyenra-Ntomme (TEN) field accounted for 14 percent.
However, the report raised serious concerns about the viability of the TEN field.
“The TEN field turned out the lowest production among the three fields,” Kudzedzi said, “yet it still reflects substantially high production and development costs. This raises fundamental questions about its economic sustainability.”
In light of this, PIAC has recommended that the government conduct a full technical and cost audit to better understand the recent performance challenges at the TEN site.

Ghana group’s revenue contribution
In terms of revenue, the Ghana Group’s lifting throughout 2024 generated $89.44 million, compared to $73.91 million lifted the previous year.
While the revenue increase is modest, PIAC cautioned that it does not offset the broader issue of production stagnation.
“The figures may look relatively stable, but the fundamentals show a weakening industry struggling to attract capital and exploration,” Kudzedzi said. “We must act now to avoid an irreversible decline.”

Calls for deep policy reforms
Former PIAC Chair, Dr. Steve Manteaw, echoed the committee’s concerns, adding that structural reforms are urgently needed if Ghana is to remain competitive in the global energy market.
He outlined several key reform areas including the need for comprehensive seismic data to reduce investor risk, the resizing and rationalization of oil blocks, improvements to the fiscal regime, and a revamp of Ghana’s dispute resolution mechanisms in the oil and gas sector.
“We must rebrand Ghana as a viable and stable destination for oil investment,” Dr. Manteaw said. “That starts with restoring investor confidence through transparency, competitive fiscal terms, and regulatory efficiency.”

A crossroads for Ghana’s petroleum future
The PIAC report paints a picture of an industry that has reached a pivotal moment.
The downward trend in oil production, absence of new investment agreements, and concerns over field viability point to a sector in need of both political will and strategic overhaul.
As global oil dynamics shift and competition for capital intensifies, Ghana must position itself as an attractive, low-risk environment for energy investors. Without bold reforms and decisive policy action, the decline may persist—compromising revenues, job creation, and long-term energy security.
For now, 2024 serves as a warning.
Unless reversed, Ghana’s fifth year of declining oil production may soon turn into a prolonged crisis.