The 2022 Public Interest and Accountability Committee’s (PIAC) annual report has revealed that Ghana for the third consecutive year recorded a decline in crude oil production.
In 2019, the country recorded a production of 71,439,585 barrels of crude oil, but that figure has declined to 66,926,806 barrels in 2020 representing a 6.32% drop.
It further declined to 55,050,391 barrels in 2021 (17.75%) and then to 51,756,481 barrels in 2022 (5.98%) an average decline over the three years of 10%.
Addressing members of the International Federation of Environmental Journalists (IFEJ, PIAC media, and the Parliamentary Press Corp on the 2022 PIAC annual report in Keta, the Vice Chairman of PIAC, Nasir Alfa Mohammed indicated that there is a need for Ghana to speed up the sustainable development of its petroleum resources to reverse the decline in production through the attraction of new investors as well as early completion of ongoing projects.
“For three consecutive years, crude oil production has been declining for three consecutive years. So, the average rate of decline over the three-year period is 10%.
“Total petroleum for 2022 is the highest since the inception of petroleum production with a figure of 1.4 billion dollars,” Mr. Alfa said.
