2023: Ghana's crude oil production declines for the fourth consecutive year, with a 25.65% reduction in petroleum revenues.
Ghana's crude oil production declined for the fourth consecutive year in 2023, with a 25.65% reduction in petroleum revenues due to decreased oil production and lower global prices, according to the Public Interest and Accountability Committee (PIAC). The country earned $1.06 billion in petroleum revenues in 2023 as compared to $1.42 billion in 2022, with crude oil output from Ghana's three main fields totaling 48.25 million barrels, a 9.2% annual drop from the 2019 peak of 71.44 million barrels.
May 21, 2024
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