• Ghana’s oil revenues fell 56% to $370.6 million in the first half of 2025.
• Crude oil production dropped 25.5%, from 3.77 million to 2.81 million barrels.
• Oil prices declined from $84.08 to $75.69 per barrel, deepening fiscal strain.

Ghana’s oil sector is showing signs of persistent vulnerability, with revenues plunging 56% during the first half of 2025 due to a sharp decline in production and falling global prices. According to data from the Bank of Ghana reported by Ghana Web, oil revenues dropped to $370.6 million between January and June, down from $840.8 million during the same period last year.

This significant revenue loss stems chiefly from two concurrent factors: a steep 25.5% fall in crude oil output, which slid from 3.77 million barrels to 2.81 million barrels over the six-month span, and a sustained decrease in world oil prices. The production downturn aligns with a long-term trend, as Ghana’s oil output has been shrinking at an average annual rate of 7.4% since 2019.

The situation worsened with unplanned halts in extraction activities, totaling 14 days of suspended production in the first half of 2025, further curtailing export volumes. At the same time, the average price per barrel of Ghanaian oil dropped from $84.08 last year to $75.69, deepening the revenue shortfall amid global price declines.

These combined pressures have weighed heavily on Ghana’s public finances, limiting the government’s ability to fund key priorities such as its national infrastructure initiative, the "Big Push." The setback highlights the economy’s lingering vulnerability, heavily reliant on an oil sector exposed to both domestic disruptions and international market swings.

This article was initially published in French by Olivier de Souza

Edited in English by Ange Jason Quenum