Ghana’s upstream petroleum industry is losing its shine on the global stage, as industry insiders warn that systemic challenges are scaring off potential investors and stalling new exploration activities.
Despite hosting one of West Africa’s more promising offshore oil basins, Ghana has failed to sign a single new petroleum agreement in the last five years—raising red flags about the health and attractiveness of its oil and gas investment climate. Crude oil production has also plummeted, dropping from a high of 71.44 million barrels in 2019 to just 48.25 million barrels in 2024.
Dr. Steve Manteaw, a leading voice in the extractive governance space and Co-chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), has called out policymakers for what he describes as “self-inflicted wounds” undermining investor confidence.
“Instead of asking why investors are not coming, we keep burning money on international roadshows with little to show for it. The fundamentals are broken—our block sizes are unattractive, our data quality is poor, and our fiscal regime is uncompetitive,” he said during the launch of the 2024 Public Interest and Accountability Committee (PIAC) Annual Report.
Manteaw also criticised the government’s increasing entanglement in international arbitration cases with major oil players, which he believes contributes to Ghana’s image as a high-risk jurisdiction for upstream investment.
Citing the case of energy giant ENI, Manteaw noted that the company discovered oil in both Ghana and Côte d’Ivoire, but has begun production in Côte d’Ivoire while Ghana’s project remains in limbo—a telling sign of how regional peers are pulling ahead by offering more investor-friendly conditions.
His remarks come at a time when Ghana’s economy is facing significant fiscal pressures, making the revitalisation of the petroleum sector crucial not just for energy security but also for government revenue.
Manteaw’s message was clear: Ghana must fix its house before it can credibly attract new investors. “Let’s stop the expensive tours and focus on creating the kind of environment that serious players want to be part of,” he urged.
