PIAC proposes measures to address decline in crude oil production in Ghana

The Public Interest and Accountability Committee (PIAC) has highlighted the urgent need for Ghana to adopt a multi-faceted strategy to address declining crude oil production.

Key measures include economic diversification, sustainable petroleum resource exploitation, promotion of renewable energy, and development of local industries.

Crude oil output has significantly decreased from a peak of over 71 million barrels in 2019 to approximately 48 million barrels in 2023 due to aging oil fields, underinvestment, and global energy transition concerns.

The decline poses risks to government revenue, employment, and foreign investment, emphasizing the need for immediate and strategic actions.