Indigenous Ghanaian companies secured just 23 per cent of the value of upstream petroleum service contracts awarded in the first half of 2026, down from about 50 per cent in the earlier period reported for 2025, according to the Public Interest and Accountability Committee’s (PIAC) 2026 semi-annual report.
The companies received US$62.70 million out of US$267.95 million in service contracts awarded between January and June 2026, the report shows.
Joint venture companies accounted for the largest share, securing contracts worth US$193.20 million, while foreign companies received US$12.04 million.
The figures show that joint ventures captured about 72 per cent of the total contract value, compared with approximately 23 per cent for indigenous Ghanaian companies and 4.5 per cent for foreign companies.
Local Share Drops
In the earlier figures reported for the second quarter of 2025, indigenous Ghanaian companies received US$147.27 million out of total service contracts valued at US$296.07 million, representing approximately 50 per cent, according to PIAC.
Joint ventures accounted for US$140.72 million, while foreign companies received US$8.09 million.
The latest figures show a substantial difference in the share of contract value awarded directly to indigenous companies. However, the reporting periods need to be confirmed as comparable before the change can be interpreted as a year-on-year decline.
The figures also do not establish how much of the value awarded to joint ventures ultimately accrues to Ghanaian partners, as the report does not provide the ownership composition or contract-level details in the figures cited.
Local Content in Focus
The distribution of service contracts matters because indigenous suppliers can use opportunities in the upstream petroleum industry to build technical expertise, create jobs and expand their capacity to serve other markets.
A smaller share of direct contract awards could limit those opportunities, particularly for Ghanaian firms seeking to scale up their operations and compete for more complex petroleum services.
However, the figures in PIAC’s report do not explain why indigenous companies secured a smaller proportion of contract value or whether the difference reflects the type and size of contracts awarded, the capacity of local firms or other factors.
Further details on the contracts, including the services covered and the participation of Ghanaian partners in joint ventures, would help establish how much value the domestic supply chain is retaining.
The figures raise a key question for Ghana’s petroleum sector: whether upstream service contracting is creating sufficient direct opportunities for indigenous businesses alongside the participation of joint ventures and foreign suppliers.
