Since the beginning of the 2022 Russian invasion of Ukraine, overall prices of petroleum products in Ghana have risen significantly. The effect of the war on the global oil industry is indeed noticeable. In Ghana, the
rose from 6.9 Ghanaian cedis (GHS) on January 3, 2022, to nearly 16.6 GHS by December 26, 2022. Since then, fluctuating prices have been registered in the country, never returning, however, to the situation before the said conflict. Nonetheless, there is a continuous
Various oilfields contribute to production
Ghana plays an important role in the African oil industry. The country registers increasing
crude oil production, which is expected to increase even more due to ongoing developments in offshore resources. One of Ghana’s main oil discoveries between 2019 and 2021 was the Eban oil field, with
estimated resources of 180 million barrels of oil equivalent. Several
oil fields contribute to the overall oil output. For instance, between January and October 2023, the Jubilee field produced around 24.9 million barrels of oil, while for Offshore Cape Three Points and Tweneboa Enyenra Ntomme, the volume of production reached some 9.4 million barrels and 5.6 million barrels, respectively.
Oil and Ghana’s economy
The oil industry contributes to Ghana’s economic growth. This contribution spans from international trade to domestic revenue and GDP. Crude oil accounted for around 31 percent of
Ghana’s total merchandise exports in 2022. This increased from nearly 27 percent in the preceding year. Moreover, more than 52 million
barrels of oil were exported in 2022,
earning the country over 17.4 billion U.S. dollars. Overall, Ghana’s
oil revenue reached approximately 12 billion GHS, some one billion U.S. dollars, in 2022.
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