‎PIAC Report: Ghana’s oil production drops by 26%

Ghana’s crude oil production has declined by nearly 26%, marking the steepest decline according to the Public Interest and Accountability Committee’s (PIAC) 2025 Semi-Annual Report. ‎The latest PIAC report on Friday 24th October reveals losses exceeding six million barrels in just six months, raising fears over economic stability and government revenue shortfalls. ‎Mr. Richard Kojo Ellimah, Chair of PIAC’s Technical Sub-committee, in his presentation highlighted a total output for the first half of 2025 at 18,415,410 barrels, down from 24,857,477 barrels recorded during the same period in 2024. ‎This represents an absolute loss of 6.44 million barrels, translating to an average daily loss of about 35,679 barrels. ‎Also, PIAC warns that the decline poses serious risks to Ghana’s economic stability, revenue generation, and energy security. The fall means the country is now producing only 74% of what it did a year ago — the lowest year-on-year output since commercial production began in 2010 he added. ‎”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,”. ‎However, the sharp decline has major fiscal implications, as petroleum revenues fund key national projects through the Petroleum Holding Fund. A reduction of this magnitude could intensify budget pressures and limit government spending capacity. ‎The Committee commended government efforts to channel more resources into infrastructure development describing the initiative as progress toward achieving better economic efficiency from petroleum revenues. About The Author

Ghana’s crude oil production has declined by nearly 26%, marking the steepest decline according to the Public Interest and Accountability Committee’s (PIAC) 2025 Semi-Annual Report.

‎The latest PIAC report on Friday 24th October reveals losses exceeding six million barrels in just six months, raising fears over economic stability and government revenue shortfalls.

‎Mr. Richard Kojo Ellimah, Chair of PIAC’s Technical Sub-committee, in his presentation highlighted a total output for the first half of 2025 at 18,415,410 barrels, down from 24,857,477 barrels recorded during the same period in 2024.

‎This represents an absolute loss of 6.44 million barrels, translating to an average daily loss of about 35,679 barrels.

‎Also, PIAC warns that the decline poses serious risks to Ghana’s economic stability, revenue generation, and energy security. The fall means the country is now producing only 74% of what it did a year ago — the lowest year-on-year output since commercial production began in 2010 he added.

‎”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,”.

‎However, the sharp decline has major fiscal implications, as petroleum revenues fund key national projects through the Petroleum Holding Fund. A reduction of this magnitude could intensify budget pressures and limit government spending capacity.

‎The Committee commended government efforts to channel more resources into infrastructure development describing the initiative as progress toward achieving better economic efficiency from petroleum revenues.

About The Author