The decline has prompted a major government decision to attract new investments and reverse the decline, it said.
The report, titled: “2026 budget highlights” said the nation’s oil output has fallen from a high of 71.4 million barrels in 2019 to a projected 36 million barrels in 2025.
It broke down the investment commitment, noting that $2 billion was earmarked for drilling 20 new wells in the prolific Jubilee and TEN fields.

Ghana’s production from the Jubilee Field began in November 2010, marking its official entry into the league of oil-producing nations.
The initial phase was characterised by rapid development and high investor optimism.
Ghana’s production peaked in 2019 at 71.4 million barrels, approximately 195,000 barrels per day but declined to 36 million barrels in 2025.

In response, the Government is implementing a multi-pronged strategy to sustain production and ensure reliable gas supply.
A key pillar of this plan is securing strategic partnerships with operators, which is expected to inject a total of $3.5 billion into the upstream oil and gas sector.
The report said a further $1.5 billion was allocated to expand operations at the Offshore Cape Three Points block.

“The $3.5 billion investment commitment is a strong signal of investor confidence,” the report stated.
It highlighted interest from major international companies like Shell, which was expected to bring in additional capital and advanced technology.

“Further bolstering the sector’s prospects, the Ghana National Petroleum Corporation (GNPC) is set to commence drilling in the onshore Volta Basin in October 2026, opening a new frontier for the country’s oil exploration,” the report said.
To maintain this investor confidence, it underscored the critical need for continued macroeconomic stability, transparency and predictability of regulations and sustained fiscal discipline.

It urged the Government to expedite its regulatory reform agenda by establishing competitive and transparent frameworks, including an open licensing process for oil blocks.

The report also emphasised the importance of strengthening local content and skills development to ensure Ghanaians benefit from new investments in drilling, engineering, and technology transfer.
It advised that all new projects be aligned with global Environmental, Social, and Governance standards to meet climate commitments.