Crude oil production capacity in Ghana 2019-2023
As of May 2023 the crude oil production capacity in Ghana stood at 173 thousand barrels per day, which was a decrease from the preceding month. From January 2021, the volume of crude oil that can be produced in Ghana followed an upward trend, until December 2022, when it started to follow a downward trend.
Decreasing oil revenue
In January 2021, revenue from oil covered 0.1 percent of the country's Gross Domestic Product (GDP), and this reached zero and 0.1 percent in May and June 2021, respectively. In real oil monetary inflow, the country accumulated around 512.7 million Ghanaian cedis (GHS) in January 2021 (equivalent of 83 million U.S. dollars), while in May and June 2021, roughly no value and 620 million GHS (100.4 million U.S. dollars), respectively, were attained by the nation.
Oil trade and prices
From oil export transactions made between entities in Ghana and the rest of the world, Ghana obtained 836.2 million U.S. dollars in the first quarter of 2021. The Balance of Payments on oil exports had stood at 784.6 million U.S. dollars in the third quarter of the previous year. On the other hand, in June 2021, no crude oil was imported into the country. Furthermore, prices of this product reached 73.35 U.S. dollars per barrel by June 2021.
Overall, the recent lower counts in crude oil production, capacity, revenue, and imports may be due to the impacts of the coronavirus (COVID-19) pandemic on the country's economy.
Decreasing oil revenue
In January 2021, revenue from oil covered 0.1 percent of the country's Gross Domestic Product (GDP), and this reached zero and 0.1 percent in May and June 2021, respectively. In real oil monetary inflow, the country accumulated around 512.7 million Ghanaian cedis (GHS) in January 2021 (equivalent of 83 million U.S. dollars), while in May and June 2021, roughly no value and 620 million GHS (100.4 million U.S. dollars), respectively, were attained by the nation.
Oil trade and prices
From oil export transactions made between entities in Ghana and the rest of the world, Ghana obtained 836.2 million U.S. dollars in the first quarter of 2021. The Balance of Payments on oil exports had stood at 784.6 million U.S. dollars in the third quarter of the previous year. On the other hand, in June 2021, no crude oil was imported into the country. Furthermore, prices of this product reached 73.35 U.S. dollars per barrel by June 2021.
Overall, the recent lower counts in crude oil production, capacity, revenue, and imports may be due to the impacts of the coronavirus (COVID-19) pandemic on the country's economy.
