GHANA’S oil sector is losing investor interest, with no new petroleum agreements signed since 2018, according to the Public Interest and Accountability Committee (PIAC).
At a press briefing in Accra to present highlights of its 2025 Semi-Annual Report, PIAC warned that falling crude oil production and low investment could threaten the country’s future oil revenue.
Chair of PIAC’s Technical Sub-Committee, Richard Kojo Ellimah, revealed that crude oil output dropped by 25.9% in the first half of 2025, falling to 18.4 million barrels. The average oil price also declined from US86.12 to US74.93 per barrel.
The drop, PIAC noted, is due to ageing oil fields, delayed project approvals, and a lack of investment. “Ghana must act swiftly to attract new investors or risk deeper production declines,” Mr. Ellimah said.
PIAC also criticised the reduction in GNPC’s funding, from 30% to 15% of its net interest, urging government to resource the Corporation properly and restructure its governance to stay relevant during the global energy transition.
On petroleum revenue spending, PIAC praised the government’s focus on infrastructure but advised it to limit the number of projects to avoid overstretching funds.
The Ghana Stabilisation Fund, which dropped by nearly 37% to US122.9 million, was also flagged as inadequate for future economic shocks. PIAC argued that proper application of the capping formula could have raised over US584 million.
PIAC reaffirmed its commitment to ensuring transparency in oil revenue management and called on Parliament to enforce laws that protect the sector’s future.
Source: Nationaltymes.com
