President Mahama announces $3.5bn energy sector boost as Ghana targets oil production recovery
Ghana secures $3.5bn in new upstream investments as President Mahama unveils plan to revive oil production and boost energy security
Ghanaian president, John Dramani Mahama, has announced a major push to revive the country’s upstream petroleum sector, unveiling $3.5 billion in new investment commitments aimed at reversing a six-year decline in oil production.
Speaking at the official ceremony for Phase 2 of the Sentuo Oil Refinery Project, Mahama outlined what he described as a coordinated recovery roadmap involving key international energy partners.
The package includes $2 billion from Jubilee partners to drill up to 20 new wells, alongside $1.5 billion from OCTP partners directed toward field development and exploration activities.
“We have committed upstream players to invest more money to drill new wells to raise the volumes of oil and gas we are producing,” Mahama said during the event.
According to him, the interventions are already beginning to show results, with Ghana expected to record a net increase in crude oil production for the first time in several years. Output at the Jubilee field has reportedly risen from 60,000 to 85,000 barrels per day, while improvements have also been recorded at the TEN and Sankofa fields.
Jubilee field, one of the country’s flagship production assets, has been central to the recovery effort, alongside the TEN field and Sankofa field.
As part of the broader strategy, the government has also moved to commercialise the Afina Discovery and ratified a new petroleum agreement in the offshore Tano West basin.
“This expansion is not merely an investment in infrastructure,” Mahama said. “It is an investment in Ghana’s future, our energy security, and our economic resilience.”
The announcements signal a renewed focus by Ghana to stabilise production, attract upstream capital, and reposition the oil and gas sector as a key driver of economic recovery.
