The Chair of the Technical Subcommittee of the Public Interest and Accountability Committee (PIAC), Samuel Bekoe, says Ghana’s sharp decline in petroleum revenue was anticipated due to a steady drop in oil production over the years.

Responding to concerns over the 43 per cent fall in petroleum revenue between 2024 and 2025 in an interview on Joy FM's Midday News on Monday, April 20, Mr. Bekoe noted that the trend reflects a long-standing decline in crude oil output since 2019, when Ghana recorded its highest production levels.

“It was quite expected. We have recorded a compounded annual decline rate of about nine percent since 2019, which was our peak production year,” he said.

Ghana’s petroleum revenue has fallen sharply, dropping by about $600 million, according to the latest report by the Public Interest and Accountability Committee.

Total receipts declined by 43.27%, from $1.36 billion in 2024 to $770.27 million in 2025, driven mainly by a sustained fall in crude oil production. Output has been decreasing for six consecutive years, falling from 71.44 million barrels in 2019 to 37.3 million barrels in 2025.

Mr Bekoe attributed the situation partly to the failure to implement key recommendations aimed at sustaining production and boosting investment in the sector.

According to him, reversing the decline will require deliberate efforts to attract new investors and scale up exploration activities across Ghana’s oil blocks.

“We need to increase investor inflows and intensify exploration. While some discoveries have been made, transitioning from discovery to full field development has become a major challenge,” he explained.

Mr. Bekoe cited the Pecan field as one of several projects affected by delays, largely due to legal and operational hurdles.

He further emphasised the need for government to review the country’s fiscal regime to make it more competitive and appealing to investors.

“It is not just about the numbers. We must also look at the size of the blocks and the nature of the fields, and align our policies with what investors require,” he added.

Touching on existing oil fields, Mr. Bekoe expressed concern about the performance of the TEN (Tweneboa-Enyenra-Ntomme) field, which he described as struggling due to complex geological conditions.

He called for increased oversight and strategic investment to improve output from the field, suggesting that it may need to be reconfigured into a predominantly gas-producing asset.

“The geology is quite complex, and addressing that will require significant investment. While efforts to acquire the FPSO may reduce operational costs, it does not fully resolve the underlying production challenges,” he noted.

Mr. Bekoe reiterated the need for a comprehensive and coordinated approach to revitalise Ghana’s petroleum sector and ensure long-term revenue stability.