Ghana narrowly missed matching its 2023 crude oil production levels, falling short by just 0.01 percent—equivalent to 7,000 barrels. By the end of 2024, the country had produced 48,240,010 barrels, compared to 48,247,037 barrels in 2023.
This output marks the closest the country has come to reversing the steady annual decline in oil production that began in 2019.
These findings were detailed in the Public Interest and Accountability Committee’s (PIAC) 2024 Annual Report on the Use and Management of Petroleum Revenue. The report, PIAC’s 14th annual and 27th statutory edition, was launched on Tuesday, April 29, 2025.
Presenting highlights of the report, PIAC Chairman Mr. Constantine Kudzedzi noted that the Jubilee Field was the largest contributor, accounting for 66 percent of total production. The Sankofa Gye-Nyame (SGN) and Tweneboa-Enyenra-Ntomme (TEN) fields contributed 20 percent and 14 percent, respectively.
The committee voiced concern over declining output from the TEN field and urged the government to conduct technical and cost audits to investigate the root causes of the drop in production.
It also reported that the Ghana Group earned $89.44 million from its equity participation, based on liftings valued at $73.91 million during the year.
“The TEN field recorded the lowest production among the three operational fields, while also incurring significantly high production and development costs—raising questions about its long-term viability,” Mr. Kudzedzi added.
Despite initiatives by the Ministry of Energy to attract investment in the upstream petroleum sector, no new petroleum agreements were signed in 2024. This marks the sixth consecutive year without a new agreement.
The committee urged the government to intensify efforts to draw investment into the sector, with a call to Parliament to ensure that the Ministry of Energy and its agencies act decisively to reverse the trend.
Dr. Steve Manteaw, a former PIAC Chair, echoed the call for reforms aimed at making Ghana a more attractive destination for oil investors. He recommended improvements in seismic data acquisition, expansion of oil block sizes, enhancement of the fiscal regime, and strengthening of the dispute resolution framework.
