Ghana's petroleum sector has experienced significant growth, particularly since the discovery of oil in commercial quantities in 2007 though oil production begun the last quarter of 2010.
Revenue from the oil and gas sector from January 2011 to December 2024 accumulate to US$10.69billion, with 2024 marking the second highest annual revenue (US$1.3 billion) recorded.
However, despite the revenue growth in early 2024, oil production has continued to decline spanning a period of four years - from 66.9 million barrels in 2020 to 55.1 million barrels in 2021 down to 51.7 million barrels in 2022, and 48.25 million barrels in 2023.
With petroleum revenue being a critical component of Ghana's public finances, supporting social programmes, infrastructure and economic growth there has been calls for investments in exploration date and regulatory reforms to attract fresh capital into the sector.
