In the past three years since 2019, Ghana’s crude oil production has seen a decline of 10 percent to 71,439,585 barrels

This was contained in the Public Interest and Accountability Committee (PIAC)’s 2022 annual report released on April 20, 2023.

Despite the decline, total petroleum revenues for the country reached its highest for first time in 2022.

PIAC, in its report however recommended that Ghana needs 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.

The 2022 Annual Report covers the period from January to December 2022 and encompasses a broad range of issues relating to petroleum revenue management such as information on production, liftings, total revenues accruing and allocation by the Government, ABFA utilization, and the management of the funds set aside in the Ghana Petroleum Funds (Ghana Stabilisation Fund and the Ghana Heritage Fund).

Read the full report below:



MA/FNOQ