President John Mahama has called for accelerated oil production in Ghana, warning that the country risks being left with untapped reserves as the world shifts toward renewable energy.
Speaking at the Africa CEO Forum in Abidjan, Mahama stressed the urgency of maximizing petroleum extraction before demand declines.
“Oil is in transition. Everybody who has any assets should be pumping like there’s no tomorrow,” Mahama said. “I will lay a red carpet to anybody who wants to drill and pump oil because, in the next decade or two, the world will have moved to renewables.”
The president criticized the previous administration for regulatory disputes that he claims stalled oil sector growth, citing conflicts with major firms like Tullow Oil and ENI. He noted that ENI had temporarily relocated its operations to Côte d’Ivoire due to tensions but has since resumed drilling in Ghana.
Data from Ghana’s Public Interest and Accountability Committee (PIAC) shows a significant drop in oil output from 71.44 million barrels in 2019 to 48.25 million barrels in 2023 attributed to reduced investment in new wells. Mahama blamed this decline on regulatory uncertainty and investor withdrawals.
Ghana’s current offshore production relies on fields operated by Tullow, Kosmos Energy, and the state-owned Ghana National Petroleum Corporation (GNPC). While pushing for expanded drilling, Mahama reaffirmed Ghana’s commitment to renewables, citing a national mandate for at least 10% of energy to come from sustainable sources.
His remarks highlight the balancing act facing oil-dependent economies as global pressure to curb fossil fuels intensifies. With nations racing toward net-zero emissions, Ghana’s window to capitalize on its petroleum reserves may be narrowing.
