Ghana's Sankofa Oil Field: A Mixed Blessing for Citizens

The Sankofa-Gye Nyame oil field off Ghana's Western Region coast has been producing crude oil since 2017, but many Ghanaians do not directly benefit from it. The $7.9 billion project is operated by Eni, with a 44.4% stake, followed by Vitol Upstream Ghana at 35.6%, and the Ghana National Petroleum Corporation (GNPC) holding 20%.

The revenue from Sankofa flows into three areas: royalties on production, corporate taxes paid by Eni and Vitol, and GNPC's carried and participating interest in the project. The money is then allocated to the national budget and the Petroleum Funds, but its distribution is not always transparent or well-managed.

The Sankofa field supplies about 70% of Ghana's domestic gas demand, which has stabilized electricity supply nationwide. However, this benefit is indirect and not felt by many Ghanaians. The oil and gas sector creates jobs, but the number of locals employed directly on the field remains small.