The Centre for Environmental Management and Sustainable Energy (CEMSE) is calling for an urgent review of Ghana’s upstream petroleum sector regulations to reverse a worrying decline in investment and production.

According to Benjamin Nsiah, Executive Director of CEMSE, Ghana is rapidly losing its competitiveness in attracting oil and gas investments due to outdated and restrictive legal frameworks.

He warned that unless the government acts swiftly, international investors may continue to divert resources to more favourable destinations like Guyana and other neighbouring countries.

Mr. Nsiah revealed that Ghana’s crude oil production has seen a sharp decline in recent years.

He cited that while the country produced 71 million barrels in 2019, it struggled to produce just 41 million barrels last year — a drop that has serious implications for national revenue.

He explained that although the Jubilee and TEN fields continue to perform relatively well, other key fields such as Sankofa and Gye Nyame are underperforming, contributing to an overall 13 percent shortfall in national crude production.

“This trend is threatening our revenue projections,” he said. “Ghana had anticipated earning around $1 billion in oil revenue, but these production challenges and market dynamics are making that difficult to achieve.”

Mr. Nsiah also pointed out the disparity between Ghana’s projected oil price of $74 per barrel and the current global market price of $60 per barrel — a $14 shortfall per barrel that could further strain national finances.

He stressed that reviewing Ghana’s upstream petroleum laws is critical to making the sector more attractive to investors, improving production levels, and ultimately safeguarding the country’s economic outlook.

He spoke on Joy Business Live in Accra.