GNPC CEO downplays decline in Ghana’s oil production amid high prices

The Ghana National Petroleum Corporation (GNPC) CEO, Joseph Abuabu Dadzie, has downplayed concerns arising from a recent Public Interest and Accountability Committee (PIAC) report highlighting a decline in Ghana’s crude oil production.

According to the PIAC report, Ghana’s crude oil production has decreased for the fourth consecutive year, dropping from 71.44 million barrels in 2019 to 48.25 million barrels in 2023.

However, during an inspection of the GNPC’s Operational Headquarters in Takoradi, which is 90% complete, Mr Dadzie emphasised that high oil prices have mitigated the impact of reduced production volumes on Ghana’s petroleum revenues.

“We need to increase our production, but we need to also appreciate that revenue is a function of two parameters, thus price and volume.

“So, we’ve been very fortunate that even though the volumes have declined a bit, we saw in the region of high oil prices, so revenue is still about stable,” Mr Dadzie told Accra-based Citi News.

He acknowledged GNPC’s responsibility to boost the country’s petroleum volumes and reserves but expressed optimism about future improvements.

Regarding the GNPC Operational Headquarters project, Mr. Dadzie assured that the facility would be fully utilized and not become a white elephant.

He expressed satisfaction with the progress and quality of the construction.

“I’m very impressed about the quality of finishing that has been done, and I hope that this will help improve the productivity of the staff who work here,” he said.