Ghana must prioritize local expertise and institutional development to ensure sustainable growth in its oil and gas sector, energy experts caution.
The warning comes as the nation reflects on 13 years of petroleum production that has generated over $2.7 billion in revenues but limited transformative economic impact.
Kwame Jantwa, an energy lawyer with four decades of industry experience, highlighted the challenges during a Public Interest and Accountability Committee discussion. “We moved from exploration to production in just three years, unlike the typical six to ten year timeline,” he noted. This accelerated development created gaps in local preparedness as foreign operators dominated the sector.
The Petroleum Revenue Management Act designates infrastructure, education and industrialization as priority investment areas. However, Jantwa observed that revenues have been largely consumed rather than strategically deployed. “Oil reserves will deplete, but proper revenue use can create lasting development,” he emphasized.
Ghana’s experience mirrors broader African resource governance challenges, with 70% of oil-producing nations on the continent rated as having weak revenue management systems by the Natural Resource Governance Institute.
