The 2022 Public Interest and Accountability Committee (PIAC) Annual Report has revealed that crude oil production in Ghana has been declining for three consecutive years.
According to the report, a volume of 71,439,585 barrels was produced in 2019, but declined to 66,926,806 barrels in 2020, representing 6.32%.
It further declined to 55,050,391 barrels in 2021 (17.75%) and then to 51,756,481 barrels in 2022 (5.98%).
The average decline over the three-year period is 10%.
The report therefore recommended for Ghana to speed up the sustainable development of its petroleum resources to reverse the decline in petroleum production through the attraction of new investors as well as early completion of ongoing projects.
The 2022 Annual Report is based on the collection, collation, reconciliation, and analysis of production and revenue data from relevant stakeholder institutions.
The methods employed were analysis and reconciliation of data collected from relevant stakeholder institutions; stakeholder engagements, interviews and validation meetings; and independent verification of reported documents from stakeholders.