Ghana's Oil Production Decline: Natural Maturity or Investment Deficit?

Ghana's crude oil production has been declining for six consecutive years, sparking debate over whether it's due to natural maturity or underinvestment. According to data from the Public Interest Accountability Committee (PIAC), output fell from a peak of 71.44 million barrels in 2019 to 37.3 million barrels in 2025, representing a compound annual average decline of about nine percent.

The comparison with Guyana's oil production is striking. Since commencing commercial production in 2019, Guyana has rapidly expanded output, producing 261.1 million barrels in 2025 after increasing daily production from about 120,000 barrels in 2021 to approximately 716,000 barrels in 2025.

African Energy Consortium Limited's Chief Executive Officer, Dr. Kwame Jantuah, argues that inadequate exploration and an uncertain investment environment have significantly contributed to Ghana's falling oil output. He believes the country should reserve onshore petroleum operations for indigenous companies to reduce capital investment costs and attract international investors.