According to the Public Interest and Accountability Committee (PIAC) 2022 Annual Report, Ghana’s crude oil production is declining for the third consecutive year.
According to the report, 71,439,585 barrels were produced in 2019, but 66,926,806 barrels were produced in 2020, a decrease of 6.32%. It decreased to 55,050,391 barrels (17.75%) in 2021 and to 51,756,481 barrels (5.98%) in 2022. The average decline over 3 years is 10%.
The report therefore recommends that Ghana accelerate the sustainable development of its petroleum resources to attract new investors and reverse the decline in oil production through early completion of current projects. The 2022 Annual Report is based on the collection, collation, reconciliation and analysis of production and revenue data from relevant stakeholders.
Methods used included analysis and reconciliation of data received from relevant stakeholder organizations. stakeholder engagement, interviews and screening meetings; Independent Verification of Stakeholder Reporting Documents.
