Ghana’s petroleum revenues dropped by a staggering 56% in the first half of 2025, falling from US$840.8 million in the same period last year to US$370.6 million, according to the Bank of Ghana’s 2025 First Half Semi-Annual Report.
The decline is attributed to a sharp fall in crude oil production and weakening global oil prices.
According to data from the Ghana Group, crude oil lifted fell by 25.5% from 3.77 million barrels in H1 2024 to just 2.81 million barrels in H1 2025.
Meanwhile, the average realised price per barrel also dropped, from US$84.08 to US$75.69 over the same period.
This double blow of lower output and falling prices has reignited concerns about Ghana’s long-term oil revenue prospects and its ability to finance critical development programmes.
Mark Obeng Adu Agyemang, Technical Manager for the Public Interest and Accountability Committee (PIAC), explained that production-related challenges, including unplanned shutdowns had contributed significantly to the revenue shortfall.
“There has been a consistent decline in oil production for some time now,” he said. “Despite falling output, high prices in previous years masked the impact. But now, with prices also low, we’re seeing the full effect.”
Kodzo Yaotse, Policy Lead for Petroleum and Conventional Energy at the Africa Centre for Energy Policy (ACEP), warned that the government’s ability to fund key infrastructure projects, such as the Big Push programme, will be severely constrained.
“If you were expecting to allocate US$100 million to support a major initiative, that’s not going to happen. You’re going to get less to work with,” he said.
Ghana’s oil production has been in decline since peaking at 71.44 million barrels in 2019, falling to 48.25 million barrels by the end of 2024.
This represents an average annual drop of 7.4 percent over five years. Compounding the issue is the continued lack of new petroleum agreements.
The last significant deal was signed in 2018, and 2024 marked the fifth consecutive year without a new exploration agreement.
This investment drought has alarmed both PIAC and civil society groups, including ACEP. They argue that without fresh investments and exploration activities, Ghana’s oil sector could enter a prolonged decline, with serious implications for economic stability and revenue generation.
Efforts by the Ministry of Energy to attract new exploration investment have yet to bear fruit, and with geopolitical and market uncertainties expected to keep global oil prices subdued, hopes are now pinned on a production rebound in the second half of the year.