Ghana’s crude oil production declined for the sixth consecutive year in 2025, according to the Public Interest and Accountability Committee (PIAC).

Presenting the findings of the PIAC 2025 Annual Report in Accra on Wednesday, the Committee’s Chairman, Richard Ellimah, disclosed that production has fallen sharply from a peak of 71.44 million barrels in 2019 to 37.3 million barrels in 2025.

"Crude oil production declined for the sixth consecutive year in 2025. Production has dropped from a high of 71.44 million barrels in 2019 to 37.3 million barrels in 2025, representing a compounded annual average decline of nine (9) percent," the report recorded.

This represents a compounded annual average decline of nine per cent, a trend Mr Ellimah described as confirmation of long-standing concerns that Ghana’s oil fields have matured and are now on a downward trajectory.

"This confirms the widely held view that Ghana’s oil fields have peaked and are on a downward spiral," he said.

According to the report, the sustained decline underscores the need for strategic intervention to revitalise the sector and safeguard future production levels.

PIAC has therefore called on the government, working through the Petroleum Commission, to develop a robust framework aimed at boosting investment in existing producing fields.

Particular attention, the Committee noted, should be given to the TEN field, which has consistently underperformed relative to initial projections.

The Committee further recommended improvements to Ghana’s regulatory and fiscal regimes to make the upstream petroleum sector more attractive to investors.

It also emphasised the need to enhance data acquisition in new basins to support exploration and the discovery of new reserves.

"PIAC urges the government, through the Petroleum Commission, to develop a framework to improve investment in existing producing fields, particularly the TEN field where production has underperformed initial projections, improve the existing regulatory and fiscal frameworks, and data acquisition in new basins," noted in the report.

Mr Ellimah, in his remarks, stressed that decisive policy action is required to arrest the decline and ensure that Ghana continues to derive sustainable value from its petroleum resources.

The report forms part of PIAC’s statutory mandate to promote transparency, accountability, and effective management of petroleum revenues, while offering evidence-based recommendations to guide national policy direction.