Decline in oil production threatens survival of oil companies in Ghana – PIAC warns

The Public Interest and Accountability Committee (PIAC) has warned that declining oil production in Ghana is significantly reducing government revenue, which could lead to budget deficits impacting essential services like healthcare and education.

Mr. Constantine K.M. Kudzedi, a PIAC member, noted that crude oil production has declined for four consecutive years, with mature oil fields, underinvestment, technical challenges, and global energy transitions cited as key factors.

This decline threatens employment in the industry and deters investment, leading to potentially stranded assets as institutional investors shift focus to renewable energy.