An Economist and political risk analyst, Dr. Theophilus Acheampong, is advocating for new approaches to sustain oil production in the country.

According to him, if nothing is done to salvage the oil production “then production will decline in the next couple of years and given also the issues of the transitions there probably wouldn’t be much to be said in terms of oil and gas.”

This is one of the outcomes of research conducted by the Public Interest and Accountability Committee (PIAC) on the management and use of Ghana’s petroleum revenues over the past 10 years.

At a program to reveal how petroleum revenues have been utilised since Ghana started receiving revenues from petroleum, Dr Acheampong also hinted at the need for the National Oil Company to directly acquire more states in some of the yet-to-be produced fields.

In August 31, 2021, the Ghana Revenue Authority (GRA) revealed that the country is not reaping enough revenue from the Oil and Gas industry as it should, because local players in the industry lacked the skills and competencies in dealing with their foreign counterparts.

He noted that there is a lack of commitment to training on the part of Ghanaian counterparts and as a result, they lacked the needed skills and competencies to deal with the foreign companies.

“I can assure you that if there is a mismatch between the level of skills of locals who worked in the oil and gas industry from the regulatory side, vis-a-vis the foreign companies who operated in the industry, we cannot get much revenue from that industry,” he stated.