Ghana’s oil production has been on a steady decline since peaking in 2019, raising serious concerns about the country’s future petroleum revenue and energy sustainability, according to the Head of the Public Interest and Accountability Committee (PIAC) Secretariat, Isaac Dwamena.

Speaking on JoyNews’ PM Express Business Edition on October 14, he revealed that Ghana recorded its highest oil output of 71 million barrels in 2019, but production has since dropped sharply to 48 million barrels by the end of 2024.

As of mid-2025, only 18 million barrels had been produced.

“If we even multiply that by two, assuming we do just as well as we did in the first half, that will be about 36 million barrels compared to 48 million barrels at the end of 2024.

"So, from 71 million barrels in 2019 all the way to 36 million barrels in 2025, that would mean a very significant decline,” he explained.

He described the situation as a major concern, given that petroleum revenue contributes about 10 per cent of total government income and funds several key national projects.

“If you’re looking at this quantum of contribution that this sector makes, then it’s critical that this finding and the recommendation that goes with it be taken with the seriousness that goes with it,” he said.

Mr Dwamena attributed the decline partly to the natural depletion of Ghana’s oil fields, especially the Jubilee and TEN fields, which are the country’s main crude producers.

“Petroleum is a finite resource, exhaustible. As you produce, you deplete it. So as you deplete, then you have to replace the fields that are ageing,” he explained.

He added that even with the best technologies, only about 35 to 40 per cent of oil reserves in the ground can be extracted, underscoring the need for new field discoveries to sustain production.

The Jubilee field, Ghana’s first and largest oil discovery, has been producing since December 15, 2010, and is now past the midpoint of its estimated 25–30-year lifespan.

“You would say that it has had its best of times, and reasonably, you should be seeing the field beginning to decline,” he noted.

Despite this, he acknowledged that recent investments have temporarily slowed the rate of decline.

“There have been two major investments in Jubilee. We had the Greater Jubilee Development, which came early on, between 2013 and 2015, and last year we had the Jubilee South East project come on stream, which also helped to boost production,” Mr Dwamena said.

He stressed that without these projects, the country’s oil output “would have seen very low numbers from the Jubilee field.”

The PIAC head’s comments come on the back of the committee’s 2025 Semi-Annual Report, which tracks Ghana’s petroleum production, revenue, and governance performance under the Petroleum Revenue Management Act (Act 815).

The report, PIAC’s 14th semi-annual publication, highlights the urgent need for new exploration and responsible resource management to prevent a further decline in production and revenue.