Oil revenues plunge 43% as production hits six-year low, PIAC warns: aging fields, missed investments, and a $561 million hole in the books
According to PIAC, Ghana’s oil industry is under a lot of stress after oil revenue fell by almost $600 million, or 43.27%, from $1.36 billion in 2024 to $770.27 million in 2025. This downturn is mostly because crude oil production has been going down for six years in a row, from 71.44 million barrels in 2019 to 37.3 million barrels in 2025. This is because oil fields are getting older, resources are running out, there are technical problems, and there isn’t enough investment. Operational problems, like high levels of gas reinjection and no income from the TEN field, have made performance even worse. Heavy reliance on the Jubilee and SGN fields has also made the company more vulnerable to risk. The report also points out violations of the Petroleum Revenue Management Act, such as giving only 0.43% to the DACF instead of the required 5% and not using $434.55 million that was meant for infrastructure. Governance issues that are still going on include the inconsistent enforcement of the Stabilization Fund cap, falling payments to GNPC, and $561.65 million in unaccounted funds linked to Explorco. Ghana National Gas Limited also has a debt of $620.54 million, and the energy sector is still in danger because of problems with pricing. So, PIAC suggests putting more money into the economy, making sure that laws are followed, making things more open, keeping a closer eye on state institutions, making sure that petroleum funds are managed properly, and making changes to stabilize production and revenue.
