The Ministry of Energy says Ghana’s oil production is expected to improve after several years of decline.
According to the government, new investments and reforms are being introduced to help revive the country’s oil and gas sector, strengthen the energy industry, and attract more foreign investment into the economy.
The Minister for Energy, John Jinapor, made this known during President John Dramani Mahama’s “Resetting Ghana” citizens’ engagement tour in the Savannah Region on Saturday, May 23, 2026.
Speaking to chiefs, youth groups, and people in the energy industry, Mr Jinapor explained that recent major investments by the government are expected to increase oil production and help stop the steady decline Ghana has experienced since 2021.
$3.5 billion investment to revive the sector
To show the government’s commitment to improving the petroleum sector, the Energy Minister revealed that Ghana has secured two major investment agreements.
The first is a $1.5 billion Memorandum of Understanding (MoU) signed with Italian energy company Eni.
The second is a $2 billion development agreement with the Jubilee Partners.
Together, the two agreements are worth $3.5 billion and are expected to support offshore drilling, improve oil infrastructure, and increase Ghana’s crude oil production.
The investments are also expected to create jobs and help increase government revenue through taxes and oil royalties.
Speaking confidently about the future of Ghana’s oil sector, Mr Jinapor assured Ghanaians that production levels would begin to improve this year.
“For five consecutive years, petroleum production has been declining. This year, let me assure you, petroleum production is not going to decline. It’s going to pick up and rise again,” Mr Jinapor stated confidently.
The Minister admitted that Ghana’s energy sector still faces many challenges, but he said the government’s ongoing reforms and new investments are beginning to produce positive results.
Following the announcement, energy analysts are expected to closely monitor upcoming production figures from the Ghana National Petroleum Corporation (GNPC) to see whether the new investments will lead to real improvements in the country’s oil production.
