Finance Minister, Cassiel Ato Forson has highlighted that Ghana’s oil production has witnessed a significant decline over the years, dropping from 71.4 million barrels in 2019 to an estimated 36 million barrels in 2025, representing an almost 50% decline.
During the presentation of the 2026 Budget statement in Parliament, he explained that “President John Dramani Mahama’s administration has taken decisive action to reverse this trend.”
According to him, the government has implemented investor-friendly reforms that have secured over US$3.5 billion in new investment commitments in 2025.
“These include a US$2 billion framework agreement for the Jubilee and TEN fields to drill 20 new wells, and a US$1.5 billion Memorandum of Intent with Offshore Cape Three Points partners to expand operations,” he stated on Thursday, November 13, 2025.
Mr. Forson further revealed that investor-friendly environment has attracted major oil and gas players like Shell, expected to bring in new capital, technology, and expertise to boost Ghana’s oil and gas production.
“Mr. Speaker, this new investor-friendly environment has also drawn the interest of oil and gas majors such as Shell.
This is expected to bring in new capital, technology, and expertise to increase our oil and gas production,” he mentioned.
He added that further efforts include the Ghana National Petroleum Corporation (GNPC) commencing drilling for oil in the offshore Voltaian Basin in October 2026.
An upstream regulatory and fiscal review is also underway aimed at making Ghana’s petroleum regime more competitive, transparent, and stable.
“Mr. Speaker, an upstream regulatory and fiscal review is underway to make Ghana’s petroleum regime more competitive, transparent, and stable,” he indicated.
