Ghana’s oil production has been on a steady downward trend since reaching its peak in 2019, raising alarm over the country’s long-term petroleum revenue prospects and energy sustainability.
The Head of the Public Interest and Accountability Committee (PIAC) Secretariat, Isaac Dwamena, revealed on JoyNews’ PM Express Business Edition on October 14, 2025, that Ghana’s crude oil output fell from a record 71 million barrels in 2019 to 48 million barrels by the end of 2024 — with just 18 million barrels produced as of mid-2025.
“If we even multiply that by two, assuming we do just as well as we did in the first half, that will be about 36 million barrels compared to 48 million barrels at the end of 2024. So, from 71 million barrels in 2019 all the way to 36 million barrels in 2025, that would mean a very significant decline,” he explained.
Mr. Dwamena described the situation as deeply worrying, given that the petroleum sector contributes about 10 per cent of total government income, funding several critical national projects.
“If you’re looking at this quantum of contribution that this sector makes, then it’s critical that this finding and the recommendation that goes with it be taken seriously,” he emphasized.
He attributed the production drop primarily to natural field depletion, especially in the Jubilee and TEN fields, Ghana’s major crude oil sources.
“Petroleum is a finite, exhaustible resource. As you produce, you deplete it. So, as you deplete, you have to replace the fields that are ageing,” he explained.
He further noted that even with advanced recovery technologies, only about 35 to 40 per cent of oil reserves can be extracted, underscoring the need for new discoveries to sustain output.
The Jubilee field, which began production on December 15, 2010, has surpassed the midpoint of its estimated 25–30-year lifespan, and its output is now naturally tapering off.
“You would say that it has had its best of times, and reasonably, you should be seeing the field beginning to decline,” Mr. Dwamena observed.
Despite this trend, he acknowledged that recent investments have helped slow the pace of decline.
“There have been two major investments in Jubilee — the Greater Jubilee Development between 2013 and 2015, and last year’s Jubilee South East project — both of which helped to boost production,” he said.
“Without these projects, the country’s oil output would have seen very low numbers from the Jubilee field.”
Mr. Dwamena’s remarks come in the wake of PIAC’s 2025 Semi-Annual Report, the committee’s 14th such publication, which tracks Ghana’s petroleum production, revenue, and governance under the Petroleum Revenue Management Act (Act 815).
The report urges urgent investment in new exploration and responsible resource management to avert a further collapse in production and safeguard Ghana’s fiscal stability.
