Ghana’s crude oil production has declined for the sixth consecutive year, with the Public Interest and Accountability Committee (PIAC) confirming a sharp drop in both output and petroleum revenues in its 2025 Annual Report.
According to the report, published on 8th April 2026, crude oil production fell from a high of 71.44 million barrels in 2019 to 37.3 million barrels in 2025 representing a compounded annual average decline of nine percent.
The report also revealed that total petroleum receipts for 2025 amounted to US$770,274,933.75, a 43.27 percent decrease compared to the US$1,357,793,869.40 recorded in 2024 with PIAC attributing the decline largely to reduced production and lower realised prices across the producing fields.
Corporate Income Tax remained one of the highest revenue streams, contributing US$346,847,999.77 to the Petroleum Holding Fund (PHF) in 2025 with ENI Ghana, Vitol Upstream, and Tullow Ghana being cited among the major contributors.
PIAC’s findings confirm what analysts have long warned that Ghana’s oil fields have peaked and are on a downward spiral.
In response, PIAC is urging the government, through the Petroleum Commission, to develop a framework to improve investment in existing producing fields, particularly the TEN field, where production has underperformed initial projections. The Committee also called for improvements to the existing regulatory and fiscal frameworks and data acquisition in new basins.
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