Ghana is not attracting new investments in upstream petroleum industry – 2025 PIAC Semi-Annual Report.

Ghana is facing growing concern over its inability to attract new investments in the upstream petroleum sector, according to the 2025 Semi-Annual Report released by the Public Interest and Accountability Committee (PIAC). The report highlights that, for the fifth consecutive year, no new petroleum agreements have been signed, signaling waning investor confidence in the country’s oil and gas industry.

Despite efforts by the Ministry of Energy to promote available oil blocks and improve the investment climate, international oil companies have shown limited interest. PIAC attributes this lack of interest to a combination of regulatory uncertainty, declining crude oil production, and governance challenges in revenue management.

Crude oil production in Ghana continues to decline steadily, falling from a peak of over 71 million barrels in 2019 to just 48 million barrels in 2024. In the first half of 2025 alone, production dropped by 26% compared to the same period in 2024. As a result, petroleum revenues fell by more than half — from $840 million to $370 million year-on-year.

The report also reveals that key industry players, including GNPC Explorco, failed to comply with legal requirements to transfer petroleum revenues into the Petroleum Holding Fund. Over $145 million in proceeds were not accounted for, raising concerns over transparency and accountability in the sector.

PIAC has urged the government to take urgent steps to address these challenges, including enforcing compliance with existing petroleum laws, recovering unpaid surface rentals from oil companies, and reviewing recent legal amendments that may undermine transparency.

The continued decline in both production and investment poses a serious threat to Ghana’s energy future and economic stability, as the country risks losing its competitive edge in the global upstream oil and gas market.