Ghana may review its petroleum regulatory framework as production and revenue from the sector continue to decline, Executive Director of the Centre for Environmental Management and Sustainable Energy (CEMSE), Benjamin Nsiah, has said.
His comments follow a 2025 report by the Public Interest and Accountability Committee (PIAC), which showed that the country’s petroleum production has dropped for six consecutive years.
According to the report, Ghana’s petroleum revenue fell sharply from about $1.36 billion to roughly $770 million in 2025, representing a 43 percent decline.
Speaking on Good Afternoon Ghana on Metro TV on Monday April 13, 2026, Benjamin Nsiah attributed the drop to a combination of declining output and unfavourable global prices.
“There has been a decline in yearly supply and price was being unfavorable too,” he said.
He explained that Ghana’s petroleum output, which peaked at about 71 million barrels over the past six years, has now dropped significantly to around 37 million barrels.
Mr Nsiah, however, clarified that the situation is not entirely due to falling revenue alone but also reflects the natural maturity of oil fields.
“Some petroleum resources are matured and need development to produce more,” he noted, adding that some of Ghana’s partners have been unable to reinvest in the redevelopment of wells due to financial or other constraints.
He also raised concerns about Ghana’s ability to attract new investors into the upstream petroleum sector despite global efforts to promote investment opportunities.
“Ghana has gone on a worldwide advertisement with none generating an investor,” he said.
According to him, countries in Latin America are attracting more investors due to more competitive fiscal and regulatory frameworks, putting Ghana at a disadvantage.
Mr Nsiah is therefore calling for a review of Ghana’s petroleum laws, particularly the Petroleum Exploration and Production Act.
“Ghana has to review its petroleum regulatory Act (919) and ensure that it has a new and supportive fiscal space,” he added.
By: Martha Seyram Jackson | Metrotvonline.com | Ghana
