PIAC Issues Red Alert as Ghana’s Oil Output Falls Off 2019 Peak
Ghana’s Oil Production in Sharp Decline Since 2019 Peak – PIAC Raises Alarm
Ghana’s oil production has been steadily declining since reaching its peak in 2019, sparking serious concerns about the country’s future petroleum revenues and energy sustainability. This warning comes from Isaac Dwamena, Head of the Public Interest and Accountability Committee (PIAC) Secretariat, during an appearance on JoyNews’ PM Express Business Edition on October 14.
📉 From Peak to Plunge: Output Drops from 71M to 36M Barrels
According to Mr. Dwamena, Ghana recorded its highest oil output in 2019 with 71 million barrels. However, by the end of 2024, that figure had sharply dropped to 48 million barrels. As of mid-2025, only 18 million barrels had been produced, signaling a likely total of just 36 million barrels by year-end—a staggering 49% drop from the 2019 peak.
“From 71 million barrels in 2019 all the way to 36 million barrels in 2025—that would mean a very significant decline,” he emphasized.
💰 Petroleum Revenue at Risk
This production slump has broader implications for Ghana’s economy. Petroleum revenue accounts for roughly 10% of total government income, funding key national projects and supporting the budget.
“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 it deserves,” Mr. Dwamena urged.
🛢️ Depleting Fields and Finite Resources
The PIAC head pointed to natural resource depletion as a major factor behind the decline. Ghana’s main oil-producing fields—Jubilee and TEN—are ageing and losing productivity.
“Petroleum is a finite resource, exhaustible. As you produce, you deplete it… So you have to replace the fields that are ageing,” he said.
Even with advanced technology, only about 35–40% of oil in the ground is extractable, highlighting the need for new discoveries to maintain output.
⚠️ Jubilee Field Showing Signs of Exhaustion
Ghana’s first and largest oil discovery, the Jubilee Field, has been producing since December 2010. It is now beyond the midpoint of its expected 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,” Mr. Dwamena noted.
🏗️ Recent Investments Slowed the Decline—Temporarily
Despite the downturn, recent capital injections have offered temporary relief. Projects like the Greater Jubilee Development (2013–2015) and the Jubilee South East Project (2024) helped boost production levels in the short term.
“Without these projects, we would have seen very low numbers from the Jubilee Field,” he added.
📊 What’s Next: Urgent Need for Exploration & Policy Action
Mr. Dwamena’s remarks coincide with the release of PIAC’s 2025 Semi-Annual Report—the committee’s 14th publication tracking petroleum sector performance under the Petroleum Revenue Management Act (Act 815).
The report emphasizes the urgent need for new oil field exploration, improved resource governance, and sustainable planning to prevent further production and revenue losses.
