In recent years, the story of Ghana’s oil sector was one of slow, worrying declines that threatened revenues.
From a peak of 71.4 million barrels in 2019, production had nearly halved to just 36 million barrels by 2025. But Finance Minister Dr. Cassiel Ato Forson says the story is changing.
In presenting the 2026 Mid-Year Budget Review on Thursday, the minister happily announced to the country that the trend of declining production has finally been reversed. He indicated that Oil and Gas subsector has returned to a positive growth trajectory, recording a 7.0% expansion in the first quarter of this year.
The 3.5 Billion Vote of Confidence
He maintained that this increment in production is not out of sheer luck. He says it was a result of a deliberate strategy to win back the confidence of investors. Dr.Forson revealed that new, investor-friendly reforms have successfully unlocked more than US3.5 billion in fresh investment commitments from major partners in the Jubilee and OCTP fields
“This is about more than just numbers on a spreadsheet,” the Minister noted, pointing to the tangible activity now happening offshore.
The government has amended key petroleum agreements to support the drilling of at least 10 new wells, ensuring that this isn’t just a temporary spike, but a sustained recovery.
Pumping Up the Volume
For the finance minister, the data from the rigs is already telling a story of resurgence. Between January and May 2026 alone, Ghana produced 17.1 million barrels of crude oil. The specifics are even more impressive:
Jubilee Field: Production has surged from a projected 68,000 barrels to approximately 95,000 barrels per day, powered by four new wells drilled this year.
Sankofa Field: Daily production has climbed to 28,000 barrels.
Gas Exports: The flow of natural gas has jumped from 245 million to 282 million standard cubic feet per day, providing the lifeblood for the nation’s power plants.
“Mr. Speaker, these reforms are already yielding results. Between January and May 2026, Ghana produced 17.1 million barrels of crude oil and exported 86.1 billion standard cubic feet of gas. Production has exceeded projections across our major fields. Daily oil production at Jubilee has increased from the projected 68,000 barrels to about 95,000 barrels based on four wells drilled this year, while Sankofa production has risen to 28,000 barrels per day. Gas exports have also increased from 245 million to approximately 282 million standard cubic feet per day,” he told parliament.
What This Means for You and the Economy
For the average Ghanaian, more oil and gas doesn’t just mean a stronger balance sheet for the government; it means a more stable economy.
As he indicated, increased gas production is a critical pillar of the “Gas-to-Power” transformation, which aims to reduce electricity generation costs by at least 75% by replacing expensive imported crude with cheaper, local natural gas
The shift to local gas has already saved the country GH¢3.08 billion (US$268.5 million) in fuel costs in the first half of 2026 alone.
The Bottomline
The revival of the upstream oil sector is a clear signal that one of Ghana’s “economic hearts”, which was wounded, is beating strongly again. As Dr. Forson put it, the country is moving from the “intensive-care unit to the wellness centre,” and the sight of oil production numbers heading north for the first time in over half a decade is perhaps the most visible sign of that recovery.
With exploratory drilling set to begin in the Voltaian Basin by the end of the year, the Minister says Ghana isn’t just managing its current resources; it’s hunting for the next chapter of its prosperity.
