In a surprising twist that underscores the power of global oil prices, Ghana’s petroleum revenue rose to $1.35 billion in 2024—this despite the country’s crude oil output continuing its downward spiral. The figures come from the newly released 2024 Annual Report by the Public Interest and Accountability Committee (PIAC), an independent body that monitors Ghana’s petroleum revenue management.
The $1.35 billion haul marks a 27.8% increase from the $1.06 billion recorded in 2023, making it the second-highest petroleum revenue Ghana has seen since it first began commercial oil production in 2011. The highest remains the $1.42 billion recorded in 2022.
At the heart of this unexpected revenue bump is a familiar global factor: crude oil prices. According to PIAC, favorable international market prices for oil helped offset the effects of Ghana’s persistently declining oil production—a trend that continues to raise red flags among industry observers.
In 2024, Ghana produced 48.25 million barrels of crude oil, a marginal dip from the previous year but still part of a broader pattern of steady decline. Since peaking at 71.44 million barrels in 2019, the country’s annual output has been falling, with PIAC noting an average yearly drop of 7.4% over the past five years.
“This prolonged decline in production is a significant concern,” the PIAC report cautions. “It threatens the sustainability of Ghana’s petroleum revenue and underscores the urgency for government action.”
The Committee didn’t just flag the issue—it offered a solution. It urged Parliament to hold the Ministry of Energy accountable and push for aggressive efforts to attract new investment into Ghana’s upstream oil sector, which includes exploration and production.
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Now in its 14th edition, PIAC’s annual report provides a comprehensive overview of the petroleum sector’s performance for the full year—from production volumes and crude liftings to revenue inflows and the allocation of funds. Beyond the numbers, the report serves as a call to action.
“The current gains driven by external price conditions are not a sustainable strategy,” one analyst noted. “Ghana cannot continue relying on favorable market winds while production levels deteriorate.”
Industry stakeholders say boosting investment, tightening regulation, and improving production efficiency are all key to reversing the output decline—and by extension, safeguarding future revenues.
For a country still navigating post-COVID economic pressures and global financial volatility, petroleum remains a critical source of income. But as PIAC makes clear, that income is now at risk unless Ghana shifts gears and reinvests in its upstream potential.
