Ghana’s Crude oil production has been “declining for three consecutive years”, according to the 2022 annual report of the Public Interest and Accountability Committee (PIAC).
The PIAC reports revealed that the West African country crude production plummeted consistently in the past three years.
It reported that a volume of 71,439,585 barrels was produced in 2019, but declined to 66,926,806 barrels in 2020, representing 6.32 per cent.
It further declined to 55,050,391 barrels in 2021 (17.75%) and then to 51,756,481 barrels in 2022 (5.98%).
The average decline over the three-year period stood at 10 per cent, the report observed.
“Crude oil production has been declining for three consecutive years. A volume of 71,439,585 barrels was produced in 2019, but declined to 66,926,806 barrels in 2020, representing 6.32 percent. It further declined to 55,050,391 barrels in 2021 (17.75%) and then to 51,756,481 barrels in 2022 (5.98%). The average decline over the three-year period stood at 10 percent.”
The Public Interest and Accountability Committee recommended that the country should speed up the sustainable development of its petroleum resources to reverse the current trend.
“There is the need for Ghana to speed up the sustainable development of its petroleum resources to reverse the decline in petroleum production through the attraction of new investors as well as early completion of ongoing projects.”
