The Chief Executive Officer of the Petroleum Commission, Emefa Hardcastle, has said the development of Ghana’s vast Voltaian Basin will mark a new dawn for the country’s oil and gas industry, describing it as a “game changer” for energy security, job creation, and economic transformation.
Speaking at the Volta Economic Forum in Ho on the theme “Harnessing the Volta Corridor Economic Potential for the 24-Hour Economy Take-off,” Hardcastle said the government is accelerating efforts to attract investment into the basin, Ghana’s largest and only fully onshore petroleum reserve, which covers about 103,000 square kilometres, representing 40% of the country’s land mass.
“The Voltaian Basin holds the key to Ghana’s oil and gas future. It is therefore imperative to accelerate exploration activities to establish its petroleum potential, and the government is committed to ensuring same,” she stated.
She said the basin spans eight regions, Volta, Eastern, Oti, Ashanti, Bono East, Savannah, Northern, and North East, but its petroleum potential has remained largely untapped since early Soviet geological work in the 1960s and 1970s.
Under a renewed policy directive from government, the Petroleum Commission, the Ghana National Petroleum Corporation (GNPC), and the Ministry of Energy have been tasked to attract the needed investments to expand exploration, generate data, and accelerate drilling.
GNPC has already completed Phase 3 of its 2D seismic data acquisition, adding 1,655 line kilometres in 2021, and plans to drill two exploratory wells by the third quarter of 2026. Three new exploration and production licences have also been issued to private operators to undertake drilling activities in the basin.
“Without exploration, without data, we cannot find oil and become commercial. The key thing for us then is to acquire data, to explore, and to drill, drill, drill,” Hardcastle said.
She noted that successful exploration in the Voltal Basin would significantly boost Ghana’s energy independence by reducing reliance on imported fuel and providing new revenue streams for the state through taxes and royalties. Beyond oil and gas, the basin’s development could stimulate growth in local infrastructure, small business participation, and industrial supply chains.
“There are substantial opportunities in the Volta Region which will offer benefits such as increased government revenues, job creation, SME development, and enhanced energy security by reducing reliance on imports,” she explained.
However, Hardcastle cautioned that petroleum development also brings social and environmental challenges. She cited potential migration pressures, land-use conflicts, and livelihood disruptions as areas that require early engagement and coordinated policy responses.
She said the Commission is already working with relevant agencies, including the Attorney General’s Department, the Ghana Revenue Authority, and the National Oil Company, to review Ghana’s onshore petroleum policy and adopt best practices from other African countries with similar onshore operations.
“We are reviewing the Ghana Government’s onshore policy to promote greater participation in governance and production, and to ensure wider access to the benefits derived from activities in the Voltaian Basin,” she added.
The Petroleum Commission CEO emphasised the importance of community engagement and social licence to ensure inclusive development and avoid the resource management pitfalls experienced in some other extractive regions across Africa.
“We really do not want to learn the bad lessons that some of our neighbours have learnt with onshore exploration and production. We have to learn from best practice,” she said.
She concluded by calling on Ghanaians, especially residents of the Volta Region, to support government’s drive to unlock the basin’s economic potential for national prosperity.
“Following the drilling of the exploratory wells by GNPC next year, our investors will be invited to acquire rights to conduct exploration and production activities in several acreages within the basin. We need to support the government in executing its objective of attracting needed investment in the Voltaian Basin for our collective benefit,” she said.
The Volta Economic Forum brought together policymakers, regional leaders, diplomats, and industry executives to explore opportunities within the Volta Economic Corridor, which forms a key pillar of Ghana’s 24-hour economy strategy for inclusive and sustainable growth.
