Ghana narrowly missed matching its 2023 crude oil output by just 0.01%, equivalent to 7,000 barrels, according to the latest annual report by the Public Interest and Accountability Committee (PIAC).

In 2024, the West African country produced 48,240,010 barrels of crude oil, a marginal drop from the 48,247,037 barrels recorded in 2023. The figure, however, marks the closest Ghana has come in reversing a steady production decline that began in 2019.

The figures were disclosed in PIAC’s 2024 Annual Report on the Use and Management of Petroleum Revenues, launched on April 29. The report, now in its 14th edition, provides oversight of Ghana’s oil revenue management and is the 27th statutory publication by the committee.

Speaking at the launch, PIAC Chairman Constantine Kudzedzi said the Jubilee Field contributed the majority share of output, accounting for 66% of total production. Sankofa Gye-Nyame (SGN) and Tweneboa-Enyenra-Ntomme (TEN) fields followed with 20% and 14%, respectively.

However, the committee flagged significant concerns regarding the TEN Field, which recorded the lowest output among the three producing fields. Kudzedzi noted that “substantially high production and development cost trends” had raised serious doubts about the field’s long-term viability.

“The TEN Field turned out the lowest production among the three producing fields with substantially high production and development costs trends raising concerns about the viability of the field,” he said.

The Ghana Group’s total contribution to national petroleum revenue stood at $89.44mn, compared with a lifting of $73.91mn throughout the year.

Despite government efforts to attract new investors into Ghana’s upstream petroleum sector, Kudzedzi said 2024 marked the sixth consecutive year without the signing of a new petroleum agreement.

“Parliament should ensure that the Ministry of Energy and its allied agencies increase efforts to secure investments into Ghana’s upstream petroleum industry,” he said, urging accelerated action to halt stagnation in the sector.

Dr Steve Manteaw, a former chair of PIAC, echoed the call for urgent reforms to make Ghana a more attractive destination for oil and gas investors.

“Government must invest in the gathering of seismic data, improve the size of oil blocks, and enhance the fiscal regime and dispute resolution mechanisms,” Manteaw said.

The committee called for technical and cost audits of the TEN Field to determine the root cause of its underperformance and to inform future investment decisions.

Ghana, once seen as a rising star in Africa’s offshore oil production following major discoveries in the early 2000s, is grappling with stagnating output, ageing fields, and declining investor interest—trends that, if not reversed, could undermine its long-term energy ambitions.