Ghana’s petroleum industry generated a record revenue of US$1.43 billion in 2022, according to a report by the Public Interest and Accountability Committee (PIAC).
This is the highest revenue generated since the inception of oil production in the country, despite a dip in the number of oil barrels drilled in Ghana’s three oil fields.
Reacting to this report in an interview with Citi Business News, the Executive Secretary of The Chamber of Petroleum Consumers (COPEC), Duncan Amoah, expressed concern about the decline in oil production.
He stated that the slowdown in oil development in Ghana should be a source of worry for those who want enhanced revenue.
Amoah explained that the decline in oil production was due to the slow pace of development in the upstream sector.
He emphasized the need for the government to work with its development partners to ensure that new and additional wealth is brought upstream.
He also noted that if crude prices continue to be where they are currently, 2023 may not be as good as 2022.
The COPEC Executive Secretary further pointed out that the high revenue generated in 2022 was due to the high crude prices in the global market, despite the decline in production numbers.
“It does not look as though much is happening upstream and that for us is a source of worry, especially if you look at how much of a haste government is in to add additional revenue streams to its current revenue and yet we are not doing much upstream.”
“If crude prices continue to be where they are currently, I am not sure 2023 will be as good as 2022 and that for us should be something government should take seriously with its development partners in ensuring that new and additional wealth is brought upstream.”
