Petroleum revenues fell by more than half in the first six months of 2025, dropping 56 percent year-on-year to US$370.6million amid a double blow from declining crude oil output and weakening global prices, according to data from the Bank of Ghana (BoG).<\/p>\n
This development marks a steep reversal from the same period in 2024, when receipts stood at US$840.8million.<\/p>\n
The slump, as captured in the \u20182025 First Half Semi Annual Report\u2019 by the central bank. was driven primarily by a 25.5 percent drop in the volume of crude oil lifted by the Ghana Group, from 3.77 million barrels in H1 2024 to just 2.81 million barrels in H1 2025, according to industry sources.<\/p>\n
Compounding this decline, the average achieved price for crude oil also dropped \u2013 from US$84.08 per barrel to US$75.69 over the same period.<\/p>\n
The development comes on the back of a strong showing in 2024 when the country recorded a 28 percent increase in annual petroleum receipts, reaching US$1.36billion \u2013 second-highest in the country\u2019s oil-producing history. That boost, largely attributed to favourable global prices and a windfall in corporate income tax payments from international oil companies, masked the persistent decline of crude output and highlighted the country\u2019s mounting reliance on external market dynamics.<\/p>\n
Crude oil production has been on a downward trajectory since 2019, when output peaked at 71.44 million barrels. By the end of 2024, production had dropped to 48.25 million barrels; a 7.4 percent average decline over five years.<\/p>\n
In the first half of 2025, the situation worsened due to operational disruptions including a 14-day shutdown of production activities (six days in March and eight in April), which further curtailed output.<\/p>\n
These challenges were cited by the Technical Manager-Public Interest and Accountability Committee (PIAC), Mark Obeng Adu Agyemang, as key contributors to the revenue shortfall.<\/p>\n
\u201cDespite falling global prices, additional production-related issues this year \u2013 including unscheduled shutdowns \u2013 undermined output and, by extension, government revenue,\u201d Mr. Agyemang said.<\/p>\n
The collapse in receipts has reignited concerns over long-term sustainability of the country\u2019s upstream oil sector. Despite repeated efforts by the Ministry of Energy to attract new exploration investment, no petroleum agreement was signed in 2024 \u2013 marking the fifth consecutive year without a new deal. The last agreement was inked in 2018.<\/p>\n
This continued drought in exploration has alarmed sector watchers and civil society groups, including the Africa Centre for Energy Policy (ACEP), which argues that the lack of fresh investments could cripple future production and expose the economy to heightened revenue volatility.<\/p>\n
The Policy Lead for Petroleum and Conventional Energy at ACEP, Kodzo Yaotse, said: \u201cThere has been a consistent decline in oil production for some time now\u201d.<\/p>\n
\u201cIn the past, high oil prices masked this trend. But now, with prices dropping and production still low, we\u2019re seeing the full impact.\u201d<\/p>\n
Mr. Yaotse warned that the sharp decline in revenues will constrain government\u2019s ability to fund critical development initiatives. \u201cIf you were expecting to allocate US$100million to support the \u2018Big Push\u2019 infrastructure programme, that\u2019s not going to happen. You\u2019re going to get less to work with,\u201d he said.<\/p>\n
With global oil prices expected to remain subdued amid geopolitical and market uncertainties, hopes are now pinned on a rebound in production for second half of the year.<\/p>\n
PIAC and civil society organisations (CSOs) have long cautioned that without new exploration and field development agreements, the country\u2019s oil economy could remain stuck in a cycle of decline.<\/p>\n
Click here for the source<\/p>\n","protected":false},"excerpt":{"rendered":"
Petroleum revenues fell by more than half in the first six months of 2025, dropping 56 percent year-on-year to US$370.6million amid a double blow from declining crude oil output and weakening global prices, according to data from the Bank of Ghana (BoG).<\/p>\n","protected":false},"author":8,"featured_media":13208,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[153],"tags":[],"class_list":["post-13199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-articles"],"jetpack-related-posts":[{"id":13982,"url":"https:\/\/gnbcc.net\/2026-budget-govt-moves-to-reverse-oil-production-slide-as-new-investments-top-us3-5bn\/","url_meta":{"origin":13199,"position":0},"title":"2026 Budget: Gov\u2019t moves to reverse oil production slide, as new investments top US$3.5bn","author":"Grace Agorigo","date":"November 21, 2025","format":false,"excerpt":"Government has reaffirmed its determination to halt the country\u2019s half-decade decline in oil production, announcing more than US$3.5billion in new investment commitments as the national oil company (NOC) prepares to begin offshore drilling in late 2026.","rel":"","context":"In "News Articles"","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2025\/11\/Newsletter-Blog-Media-1-1.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2025\/11\/Newsletter-Blog-Media-1-1.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2025\/11\/Newsletter-Blog-Media-1-1.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2025\/11\/Newsletter-Blog-Media-1-1.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2025\/11\/Newsletter-Blog-Media-1-1.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":15670,"url":"https:\/\/gnbcc.net\/fuel-imports-surge-36-7-as-local-refining-crawls\/","url_meta":{"origin":13199,"position":1},"title":"Fuel imports surge 36.7% , as local refining crawls\u00a0","author":"Michael Teye","date":"April 17, 2026","format":false,"excerpt":"Petroleum imports into the country surged 36.7 percent to hit 8.71 billion litres in 2025 from the 6.2 billion litres in 2024, the Chamber of Oil Marketing Companies (COMAC) has reported.Petroleum imports into the country surged 36.7 percent to hit 8.71 billion litres in 2025 from the 6.2 billion litres\u2026","rel":"","context":"In "News Articles"","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/04\/FuelImort-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/04\/FuelImort-scaled.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/04\/FuelImort-scaled.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/04\/FuelImort-scaled.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/04\/FuelImort-scaled.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/04\/FuelImort-scaled.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":16262,"url":"https:\/\/gnbcc.net\/historic-shift-ghana-processes-jubilee-oil-locally-as-sentuo-receives-first-consignment\/","url_meta":{"origin":13199,"position":2},"title":"Historic shift: Ghana processes Jubilee oil locally\u2026 as Sentuo receives first consignment","author":"Paul N.","date":"June 12, 2026","format":false,"excerpt":"Yesterday, Ghana took a major step towards strengthening its energy independence and industrial transformation agenda, as the country\u2019s first cargo of locally produced Jubilee crude oil was delivered to the Sentuo Oil Refinery in Tema for processing. 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