The latest report by the Public Interest and Accountability Committee (PIAC), the public watchdog committee over Ghana’s petroleum revenue management, indicates a recorded decline of 600 million U.S. dollars in petroleum revenue in 2025 amid a 43.2 percent slump in production.
According to the PIAC report, total petroleum receipts declined by 43.27 percent from 1.36 billion dollars in 2024 to 770.27 million dollars in 2025, arising from a continuous decline in crude oil production over the past six years.
Production slumped to 37.3 million barrels in 2025, from 71.44 million barrels in 2019, indicating a yearly average decline of about nine percent.
The watchdog committee’s report released earlier in April, said the data confirmed analysts’ long warning about Ghana’s oil fields peaking, flagging a serious accountability gap at Explorco, a subsidiary of the Ghana National Petroleum Corporation (GNPC).
The state-owned entity, according to the report has failed to remit 561,648,785.37 dollars in petroleum revenues owed to the Republic between 2022 and 2024, despite repeated demands from PIAC.
The committee also raised red flags over a 434.55 million dollar transfer from the Annual Budget Funding Amount (ABFA) to a Special Purpose Vehicle set up by the Ghana Infrastructure Investment Fund (GIIF) for the Accra–Kumasi Expressway.
PIAC noted that the government has yet to disclose the project scope, contractor details, contract sum, or payments made—raising transparency concerns over one of the government’s flagship infrastructure projects.
The report also points to operational inefficiencies within the sector. High levels of gas reinjection, particularly in the TEN field, where reinjection reached 81 percent, suggest constraints in gas utilization and reduced field efficiency. In addition, the absence of revenue inflows from the TEN field in 2025 further worsened the overall revenue performance.
Beyond production challenges, the report highlights structural weaknesses in Ghana’s petroleum revenue base. Revenue remains heavily concentrated in just two fields, Jubilee and SGN, leaving the country vulnerable to shocks in output or pricing.
On a positive note, PIAC found that a 30-million-dollar ABFA investment by GIIF in the Accra International Airport has generated 17.9 million dollars in interest and fees between 2017 and 2025, nearly 60 percent of the original capital.
The watchdog committee is urging the Ghanaian government to develop a framework to revive investment in underperforming fields—particularly the TEN field—and demanding that the Finance Minister comply with parliamentary appropriations for disbursements to the District Assembly Common Fund.