• Ghana to earn $16B in oil revenue by 2035, Deloitte says
• Output declining due to aging fields, low investment, no new deals
• $3.5B in upstream oil investment expected, minister announces

Ghana is expected to generate nearly $16 billion in oil revenue over the next ten years, according to new Deloitte estimates cited by Ghanaian media on Wednesday.

The amount represents about one-fifth of West Africa’s total potential oil revenue, highlighting the sector’s strategic role in Ghana’s efforts to diversify export earnings.

In reality, though, national output has been declining. Data from the Petroleum Commission show crude production fell from 71.4 million barrels in 2019 to 48.2 million barrels in 2024, with a further 26% year-on-year drop recorded in the first half of 2025.

No new exploration deals have been signed since 2018, reducing the likelihood of new discoveries. This contrasts with renewed momentum in Côte d’Ivoire and Senegal, which have relaunched oil and gas licensing rounds.

The Public Interest and Accountability Committee (PIAC), in its 2024 annual report released in April, highlighted weak investment in exploration and the aging of existing fields as the main causes of the decline. Deloitte also cited limited financing for local operators, high operating costs, regulatory hurdles, and poor infrastructure as structural barriers to growth.

Speaking at Africa Oil Week in Accra from September 15-18, Energy and Green Transition Minister John Abdulai Jinapor said more than $3.5 billion in new upstream oil investments are expected in the coming months.

Abdel-Latif Boureima