Finance Minister Dr. Cassiel Ato Forson says Ghana’s oil sector is beginning to recover from years of declining production, following the introduction of investor-friendly reforms that have attracted more than $3.5 billion in new investment commitments.

Presenting the 2026 Mid-Year Budget Review in Parliament, Dr Forson said government introduced reforms aimed at reversing the decline in crude oil output and restoring investor confidence in the petroleum sector.

He noted that Ghana’s crude oil production had fallen significantly in recent years, declining from about 71.4 million barrels in 2019 to approximately 36 million barrels in 2025.

"Ghana's crude oil production declined sharply from 71.4 million barrels in 2019 to about 36 million barrels in 2025. To reverse this decline, government has introduced investor-friendly reforms that have already secured more than $3.5 billion in new investment commitment from the OCTP partners."

According to the Finance Minister, the reforms are already producing results, with oil output from key fields exceeding earlier projections.

"Oil production has exceeded expectations this year, with Jubilee increasing from a projected 68,000 barrels to about 95,000 barrels per day."

Dr Forson added that production from the Sankofa field has also improved, currently producing about 28,000 barrels per day.

"Power Sankofa is now producing about 28,000 barrels per day."

He further announced an increase in gas production, which he said had risen from 245 million to about 282 million standard cubic feet per day.

"Gas production has also increased from 245 million to about 282 million standard cubic feet per day."

The Finance Minister said the improvement in production levels demonstrates the impact of the reforms and renewed investor confidence in Ghana’s petroleum sector.

He added that sustaining the recovery of the oil industry remains important for boosting government revenues, supporting economic growth and strengthening Ghana’s energy security.