Ghanaian-owned companies are now claiming a larger share of contracts in the country’s oil and gas sector, according to new figures from the Public Interest and Accountability Committee (PIAC).
At the end of the second quarter of 2025, the total value of services provided in the petroleum sector reached US$296 million. Of this amount, indigenous Ghanaian companies earned about US$147 million, representing nearly half of all service contracts. Joint venture companies, which bring together both Ghanaian and foreign partners, earned US$141 million, while foreign companies alone received only US$8 million.
The figures show that Ghanaian firms are now doing almost as much work as joint ventures and far more than foreign companies, reflecting the growing impact of Ghana’s local content policy.
From Foreign Control to Local Strength
In 2024, the picture was quite different. Joint venture companies dominated the market, earning US$547 million in service contracts, while local firms made US$198 million and foreign companies earned US$88 million.
By the first half of 2025, that balance had shifted. Although the total value of contracts dropped significantly, indigenous companies gained a stronger foothold. The rise in local participation means that more of the money generated from Ghana’s oil and gas industry is staying within the country, benefiting Ghanaian workers, suppliers, and businesses.
This shift demonstrates that Ghana’s local content drive is yielding positive results, creating opportunities for citizens and helping to build domestic capacity in the sector.
Why It Matters
The growth in local participation matters because it directly benefits the Ghanaian economy. When local firms handle more contracts, they employ local workers, pay taxes in Ghana, and support other small and medium enterprises. It also helps to build local expertise and technology for future projects.
PIAC has consistently called for greater opportunities for indigenous companies to take part in the oil and gas value chain, in line with Ghana’s local content and local participation regulations. The latest data shows that these policies are beginning to achieve their intended impact.
Challenges Remain
Despite the progress, the total value of services fell sharply from US$833 million in 2024 to US$296 million in 2025, suggesting a slowdown in sector activity. Analysts point to factors such as lower production levels, reduced exploration, and global price uncertainty as possible reasons for the decline.
Even with these challenges, Ghanaian companies have managed to increase their market share. Their growing participation signals stronger local capacity and a shift toward a more inclusive and sustainable oil and gas industry.
If this trend continues, Ghana could soon reach a point where most of the work in its oil and gas sector from logistics and engineering to maintenance and catering is done by its own citizens and companies. This would mark a significant step toward ensuring that the nation’s natural resources truly benefit its people.
