Economist Professor Peter Quartey is urging renewed investment in Ghana’s upstream petroleum sector as the country’s crude oil production falls for a sixth consecutive year, raising concerns over output sustainability.

Latest data from the Public Interest and Accountability Committee (PIAC) shows total crude oil production declined to 37.3 million barrels in 2025, continuing a persistent slide from the 71.4 million barrels peak recorded in 2019.

Speaking on the sidelines of the launch of PIAC’s 2025 annual report, Prof. Quartey attributed the continued decline largely to inadequate investment in exploration and production activities.

Beyond attracting external financing, he also advocated for increased domestic investment to support production recovery, highlighting a more active role for the Ghana National Petroleum Corporation (GNPC) in funding exploration and development activities.

Boosting local participation, he argued, would help bridge the investment gap while strengthening Ghana’s stake in its petroleum resources.

“We have seen the decline in production, which we have highlighted in the report that they need to ramp up production but that all requires investment. We are not attracting enough investors into the industry. But let us also note that some investors are moving away from fossil fuel. They are going to the renewables and the rest.

“So you need to make it more attractive to get more investors into the sector. And as a country, it shouldn’t just be external foreign investors. We as a country should also have a stake.

“We should increase our investment in the area through GNPC, invest more into the area so we are able to drill more wells and have an increase in production,” he said.

The sustained drop in crude output is raising broader fiscal and energy security concerns, given the sector’s contribution to government revenue and foreign exchange earnings.

Experts note that reversing the decline will require a combination of policy reforms and improved investment incentives.