Ghana must build stronger partnerships with international oil companies to attract new investment and boost production as oil output continues to decline, the coordinator of the Secretariat at the Public Interest and Accountability Committee (PIAC), Isaac Dwamena, has cautioned.

He noted that Ghana’s oil production has fallen steadily since peaking at 71 million barrels in 2019, dropping to 48 million barrels by the end of 2024. As of mid-2025, only 18 million barrels had been produced, a worrying trend that threatens petroleum revenue and long-term energy security.

Speaking on News Desk, Isaac Dwamena stressed the need for government and international partners to maintain healthy business relations to encourage exploration and new discoveries.

“It’s good for government and the international companies to have very good business relationships so that it would be a point of attraction to potential investors to also come to the country and then explore and hopefully discover petroleum in commercial quantities,” he said.

He explained that oil fields typically have a lifespan of about eight years, making timely investment critical. Citing the Jubilee Field, Ghana’s flagship oil project, Isaac Dwamena said production has been sustained since December 2010 due to significant reinvestment through the Jubilee South East project and the Greater Jubilee Field Development Plan.

“The total production we have for the first half of 2025 — Jubilee contributed significantly to that, thanks to these major investments,” he added.

Ghana’s oil production decline has raised questions about the country’s energy transition plans and fiscal stability. Oil revenue remains a major contributor to the national budget, funding critical sectors including education, infrastructure, and health.

Isaac Dwamena expressed cautious optimism that the 2035 production viability window still provides time to attract new investors.

However, he warned that failure to act swiftly could deepen the decline and limit revenue potential.