By Jerry Azanduna
Techiman (Bono East), April 14, GNA – The Public Interest Accountability Committee has expressed concern over the gradual decline in Ghana’s crude oil production, calling for improved policy and fiscal frameworks to boost investment in the sector.
Mr Richard Ellimah, Chairman of PIAC, said crude oil production declined for the sixth consecutive period in 2025, dropping from 71.44 million barrels in 2019 to 37.3 million barrels in 2025.
He said the decline represented an annual average drop of about nine per cent, adding: “This confirms the widely held view that Ghana’s oil fields have peaked and are on a downward spiral.”
Mr Ellimah made the remarks during a media engagement in Techiman in the Bono East Region to disseminate the Committee’s 2025 Annual Report. He noted that production at the TEN field had particularly underperformed compared to initial projections.
He disclosed that a US$30 million investment at the Accra International Airport had yielded US$17.9 million in interest between 2017 and 2025.
Mr Ellimah called on the Ministry of Finance to apply the appropriate cap on the Ghana Stabilisation Fund (GSF) in line with the formula stipulated under Regulation (8) of L.I. 2381, 2019.
He expressed concern that retaining the current cap of US$100 million on the GSF for 2025 was inconsistent with the stipulated formula.
Mr Constantine Kojo Mawuena Kudzedzi, a member of PIAC, explained that the Committee was mandated to monitor and manage the use of petroleum revenues to ensure they were utilised effectively in the public interest.
He said PIAC played a key role in holding public officials and institutions accountable by investigating discrepancies and inefficiencies, and ensuring that public servants remained answerable to citizens on the use of petroleum revenue.
Mr Kudzedzi added that the Committee also advocated best practices in governance and promoted ethical conduct among public officials.
He said, based on its findings, recommendations, and public feedback, there was a need for reforms to improve governance, accountability, and the overall management of petroleum funds.
GNA
Edited by Dennis Peprah/Audrey Dekalu