Ghana’s oil production is collapsing not rising

Ghana’s recent claims of an oil production increase, attributed to the Public Interest and Accountability Committee (PIAC), are misleading.

While data for the first half of 2024 does show a slight uptick in production compared to the same period in 2023, a closer examination reveals an overall decline.

Despite substantial investment by Tullow Oil in new wells at the Jubilee field, production peaked briefly but dropped again due to engineering and geological issues.

By September 2024, daily production had fallen significantly compared to 2023, with an 8.3% drop in the third quarter alone.

This decline threatens Ghana’s economic stability, especially with falling revenues from cocoa and oil.

The exaggerated interpretation obscures urgent needs for corrective measures to address Ghana’s fiscal challenges amidst volatile commodity markets.