• Ghana will receive $3.5 billion in upstream oil investments, its first major inflows since 2019.
• Tullow, Kosmos and GNPC will invest $2 billion in Jubilee and TEN fields, while OCTP partners will commit $1.5 billion.
• Oil output fell from 71.4 million barrels in 2019 to 48.2 million in 2024, pressuring public finances.

Ghana will receive $3.5 billion in upstream oil investments after five years without fresh capital, the Ministry of Energy announced during Africa Oil Week, held in Accra from September 15–18. Energy and Green Transition Minister John Abdulai Jinapor said the funds will support offshore drilling and extend field life.

The first package, worth $2 billion and signed in June, involves Tullow Oil, Kosmos Energy and the Ghana National Petroleum Corporation (GNPC). The deal will finance 20 new wells and upgrades at the Jubilee and TEN offshore fields, which are reaching maturity.

A second agreement, valued at $1.5 billion, will be signed during the conference with partners in the Offshore Cape Three Points (OCTP) project, home to the Sankofa discovery.

The new capital inflows aim to slow a steep decline in national production. Output fell from 71.4 million barrels in 2019 to 48.2 million in 2024, averaging a 7.7% drop per year. Jubilee, which accounts for more than half of Ghana’s production, is expected to peak this year, while TEN has been in decline since 2018.

The production downturn has strained public finances. Hydrocarbons contributed more than 10% of GDP growth in 2023, according to government data.

Between 2019 and 2024, Ghana failed to attract upstream investment due to the absence of new licensing rounds, reduced interest from oil companies, and concerns over transparency. The Public Interest and Accountability Committee (PIAC), the upstream regulator, reported these issues in April.

President John Mahama sought to reassure investors. “The sector is once again open for business,” he said, pledging stronger partnerships with operators and promising amendments to the 2016 Exploration and Production Act to align with international standards.

This article was initially published in French by Olivier de Souza

Adapted in English by Ange Jason Quenum