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May 24, 2026
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Gov’t targets petroleum upstream recovery after five years of consecutive decline
Money
Policy
Opportunity
Growth
Key Points
- Ghana's Ministry of Energy projects a significant rebound in crude oil production, reversing a five-year decline starting in 2026.
- The government is implementing structural measures and seeking foreign direct investment to strengthen the energy sector.
- Energy Minister John Jinapor announced $3.5 billion in new financial agreements during a presidential engagement tour.
- This includes a $1.5 billion MoU with Eni and a $2 billion development agreement with the Jubilee Partners.
- These investments aim to expand infrastructure, explore new offshore blocks, finance deep-water drilling, and boost national production and fiscal space.
Why This Matters
This development is crucial for Ghana as it signals a potential economic turnaround for its vital upstream petroleum sector, which has faced chronic decline. The substantial $3.5 billion foreign direct investment is expected to significantly boost government revenue through increased oil royalties and taxes, create jobs, and stabilize the national economy, directly impacting Ghana's fiscal health and development trajectory.
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