Ghana is calling on investors to support its oil sector as the global shift toward decarbonization risks rendering fossil fuel assets obsolete.
President John Mahama made the appeal during the Africa CEO Forum held Tuesday in Abidjan, Côte d’Ivoire.
“Oil is in transition, so anybody who has any assets should be pumping like there’s no tomorrow,” Mahama said, signalling Ghana’s openness to increased investment. “We’re rolling out the red carpet for anyone ready to drill.”
Ghana’s oil production has steadily declined over the past five years due to reduced investment in exploration and field development.
According to the Public Interest and Accountability Committee (PIAC), the country produced 48.3 million barrels of oil in 2024—slightly below the 48.2 million barrels in 2023 and a sharp drop from the 2019 peak of 71.4 million barrels.
Mahama attributed the decline to regulatory uncertainty, which he said discouraged major players. “ENI was held in contempt, and they had to move all their expatriate management to Côte d’Ivoire,” he explained. “But now they’re back and drilling again.”
His remarks reflect a growing trend among oil-producing nations, many of which are urging increased production amid fears of stranded assets.
In the U.S., policymakers have made similar calls to boost domestic output, while OPEC’s recent production hikes have helped drive Brent crude prices down by roughly 13% this year, with prices now hovering around $65.30 per barrel, according to Bloomberg.
While advocating for a revitalised oil sector, Mahama also stressed the importance of balancing fossil fuel development with clean energy commitments.
Under Ghana’s Renewable Energy Act, at least 10% of the national energy mix must come from renewable sources.
Elected in December, Mahama has pledged to restore Ghana’s struggling economy, which remains burdened by debt and a rising cost of living.
Reflecting on past challenges in the energy sector, he noted, “The environment got a bit toxic. The government did not seem to prioritise the sector.”
With a renewed focus on investment and regulatory clarity, Ghana is positioning itself as an attractive destination for oil companies—even as the world moves toward a lower-carbon future.
