The Public Interest and Accountability Committee (PIAC) has revealed that there has been a decline in crude oil production on an average of 10 percent per annum for three consecutive years
A volume of 71,439,585 barrels was produced in 2019 but declined to 66,926,806 barrels in 2020 representing 6.32 percent
It further declined to 55,050,391 barrels in 2021 representing 17.75 percent and reduced again to 51,756,481 barrels in 2022 representing 5.98 percent.

The Vice Chairman of the Public Interest and Accountability Committee (PIAC) Mr. Nasir Alfa Mohammed disclosed this at their regional public forum on the management of Ghana’s petroleum revenues last Wednesday at Wa in the Upper West Region.
The forum was organized in line with PIAC’s mandate of providing a platform for public debate on the management of petroleum revenue which brought together stakeholders across the region.
The Vice Chairman said there was a need to speed up the sustainable development of its petroleum resources to reverse the decline in petroleum production through the attraction of new investors as well as early completion of ongoing projects.
He said it was important for policymakers to formulate a long-term national development plan to help guide the spending of oil revenue in the country.
He mentioned some of the development projects that were funded through petroleum revenues in the region, which include the construction of the rehabilitation of the irrigation dam at Guo in the Nandom District, the construction of two dams at Yebilpe and Kadowli in the Wa Central Constituency, upgrading of Wa-Bulenga-Yaala Road and the construction of a warehouse at Bulenga.
The Chairman of the forum Professor Emmanuel Kanchebe Derbile expressed gratitude to the committee for giving such an opportunity to the people of the Upper West Region to contribute and discuss the management and use of Ghana’s petroleum revenue.
“The petroleum industry in the country is relatively new and it is important that we all show interest in it for the betterment of our understanding in the sector, “ he said.
Participants were allowed to debate, ask questions and give their suggestions on how to manage the country’s petroleum revenue.
The Public Interest and Accountability Committee (PIAC) is a stationary committee established under section 56 of the petroleum revenue management Act 2011 (Act 815).
FROM RAFIA ABDUL RAZAK WA