Recent reductions in oil production from Ghana's oil fields should be a wake-up call to the government to diversify its revenue sources in funding its flagship programmes such as the free Senior High School policy(SHS), Dr Steve Manteaw, Co-chair of Ghana Extractive Industries Transparency Initiative GHEITI) has reiterated.
He noted that the free SHS policy could face a possible collapse in its current structure if a more feasible financing mechanism were not instituted to safeguard it future implementation and sustainability.
He explained that since 2021 all the three oil fields; jubilee, TEN and SGN fields were recording decline oil production contrary to their expected life span, adding that, "this was likely to affect government estimated revenues in prosecuting its developmental initiatives." He further called for more investments into the sector to either re-engineer the existing oil fields to increase productivity or discover new oil fields.
Dr Manteaw made the call during a presentation on the 2021/2022 GHEITI reports for the mining and Oil/Gas sectors in Sunyani of the Bono Region.