GHANA’S OIL OUTPUT DECLINES: WHAT’S AT STAKE FOR THE ECONOMY?
Crude oil production has played a crucial role in driving Ghana’s economic growth since the discovery of commercially viable oil reserves in 2007. (Source: LinkedIn) However, in recent years, the country has seen a consistent drop in output, sparking concerns about its impact on national income and the overall economy. Major oil fields in Ghana Ghana’s oil output mainly comes from three key fields: Jubilee Field – Ghana’s first major offshore discovery and a key contributor to national production. TEN Field (Tweneboa, Enyenra, and Ntomme) – Another significant offshore field supporting the country’s oil supply. Sankofa Field – A newer project that also adds to Ghana’s oil production. These fields form the foundation of Ghana’s oil sector, but as they mature, their production rates are gradually declining. A recent report by GhanaWeb Business highlights how this ongoing reduction is negatively affecting petroleum revenues and the Petroleum Holding Fund. Why is production f...