Ghana’s Oil Revenues Under Pressure: NorvanReports Xspace to Probe Whether Petroleum Can Still Power Development
Ghana’s petroleum sector stands at a decisive crossroads as production, investment, and revenue generation continue to decline sharply, raising questions about the sustainability of the country’s oil-driven fiscal framework.
According to the Public Interest and Accountability Committee’s (PIAC) 2025 Semi-Annual Report, crude oil production fell by 25.9 percent in the first half of 2025, while petroleum receipts dropped by 56 percent year-on-year. The report further reveals that no new petroleum agreements have been signed since 2018, signalling a worrying investment drought in Ghana’s upstream sector.
Despite having earned over US$11.5 billion from oil since production began in 2011, Ghana continues to grapple with weak fiscal buffers, capped savings in the Ghana Stabilisation Fund, and minimal developmental impact from its oil revenues. The report paints a picture of a sector struggling to balance revenue shortfalls with ambitious spending commitments under the Petroleum Revenue Management Act (PRMA).
Against this backdrop, NorvanReports will host a national dialogue on Sunday, 19th October 2025, at 7:00 PM GMT on Xspace (@NorvanReports) under the theme:
“Beyond Declining Barrels: Can Ghana’s Petroleum Revenues Still Power Development?”
The discussion will bring together leading economists, governance experts, and fiscal analysts to unpack the implications of PIAC’s findings and chart a roadmap for reforming Ghana’s petroleum sector.
The upcoming NorvanReports Xspace will feature Dr Theo Acheampong, Economist and Political Risk Analyst; Prof. Lord Mensah, Head of Local Government Services and Financial Economist; and Mr Richard Ellimah, Chair of the Technical Sub-Committee of PIAC.
Moderated by Norvan Acquah-Hayford, Managing Editor of NorvanReports, the conversation aims to answer critical questions about the sustainability of Ghana’s petroleum-driven economy and the urgency of diversifying public revenue sources.
Participants will dissect Ghana’s dwindling oil output, the persistent capping of petroleum funds, and the developmental effectiveness of the Annual Budget Funding Amount (ABFA), which has been restricted to infrastructure projects since 2024.
They will also debate whether the country’s petroleum framework can survive the ongoing energy transition, and how Ghana might reposition itself to attract fresh upstream investment while managing fiscal risks tied to oil dependence.
With debt levels still elevated and the economy under International Monetary Fund (IMF) supervision, petroleum income remains a vital component of Ghana’s revenue mix. However, the steep fall in both production and prices has reignited concerns about resource management, accountability, and long-term fiscal sustainability.
NorvanReports’ Managing Editor, Norvan Acquah-Hayford, said the conversation aims to “move beyond the statistics and ask the harder policy questions, whether Ghana’s petroleum wealth is being managed to create lasting value or simply cushioning short-term budgets.”
The platform’s hallmark Xspace series has become a trusted avenue for evidence-based discourse on Ghana’s economic governance, bringing together experts, policymakers, and citizens to debate and propose actionable reforms.
The public is invited to join the live conversation on Xspace via:
🔗 https://x.com/i/spaces/1dRJZaVMyVgGB
Key discussion points include:
- How Ghana can reverse the declining trend in oil production.
- Whether petroleum revenues still hold the key to fiscal resilience.
- The effectiveness of the Ghana Stabilisation Fund and ABFA allocations.
- Policy options to attract new investment and prepare for a post-oil economy.
The event promises first-hand analysis of the 2025 PIAC Report, bold reform ideas, and live engagement from listeners across Ghana and the diaspora.
“Be part of the national dialogue on Ghana’s oil future. Bring your questions. Challenge the narratives. Let’s talk solutions,” NorvanReports Editorial Desk.
Topic: Beyond Declining Barrels: Can Ghana’s Petroleum Revenues Still Power Development?
📅 Date: Sunday, 19th October 2025
⏰ Time: 7:00 PM GMT
📍 Platform: @NorvanReports
🎙 Guests:
- Dr Theo Acheampong – Economist & Political Risk Analyst
- Prof. Lord Mensah – Head of Local Government Services / Financial Economist
- Mr Richard Ellimah – Chair, Technical Sub-Committee, PIAC
#NorvanReports #Xspace #PIACReport #GhanaOil #EnergyEconomy #FiscalSustainability #NaturalResources #GhanaEconomy
