Ghana’s cumulative crude oil production has reached 633,300 barrels since the country began extracting oil in 2010, according to the Public Interest and Accountability Committee (PIAC).
This production total spans through July 2024 and represents output from the Jubilee Oil Field, Sankofa/Gye Nyame, and the TEN Fields.
PIAC Coordinator Isaac Dwamena shared the latest production figures, showing variable growth over the years.
Ghana initially produced 10.7 million barrels in 2011, rising to 18.9 million barrels by 2013.
Production peaked in 2019 at 34.3 million barrels before beginning a decline to 22.5 million barrels in 2023.
As of July 2024, Ghana had already produced 24.9 million barrels for the year.
Oil revenues over this period totalled $10.69 billion, with earnings derived from taxes such as Carried and Participating Interest (CAPI), Surface Rentals, the Petroleum Holding Fund (PHF), Corporate Income Tax (CIT), and other income.
In 2012, Ghana’s first full year of oil production, the country earned $327.2 million, climbing to $596.1 million in 2013.
However, revenue dropped between 2014 and 2016, falling as low as $126.4 million.
A gradual revenue recovery began in 2017, reaching $463.6 million in 2018.
By 2020, annual earnings rose to $638.6 million, with 2022 marking a peak of $731.9 million.
Despite a slight dip in 2023 to $540.5 million, Ghana experienced a notable revenue increase in the first half of 2024, recording $840.8 million—the highest half-year revenue since production began.
