Ghana’s crude oil production has declined for the fifth year in a row, falling from a peak of 71.44 million barrels in 2019 to 48.25 million barrels in 2024, according to the 2024 Annual Report by the Public Interest and Accountability Committee (PIAC).
The report shows a slight year-on-year drop of 0.01 percent, with an average annual decline of 7.4 percent over the five years. This continued decrease raises serious concerns about the sustainability of Ghana’s upstream petroleum sector and the broader economic impact, given the country’s reliance on oil revenues for key national initiatives.
PIAC also uncovered troubling issues in petroleum revenue management. In 2024, GNPC Explorco earned US$145.68 million from crude liftings but failed to deposit the funds into the Petroleum Holding Fund (PHF), as required by law.
This omission raises the cumulative total of unpaid oil revenues by JOHL and GNPC Explorco to US$488.79 million as of December 2024. While GNPC argues that funds from Explorco are exempt from PHF payments, PIAC continues to dispute this claim and demands strict legal compliance.
The report further reveals persistent surface rental arrears. As of December 2024, international oil companies (IOCs) owed the government US$2.89 million in unpaid rental fees. Nearly 60 percent of these arrears are linked to three companies whose petroleum agreements were terminated in 2021, highlighting weak enforcement and recovery efforts.
PIAC has called for clearer legal frameworks and stronger accountability to protect Ghana’s petroleum resources.
