Ghana's total petroleum revenue rose to $1.35 billion in 2024, reflecting a 27.8% increase from the $1.06 billion recorded in 2023, according to the 2024 Annual Report released by the Public Interest and Accountability Committee (PIAC). This figure represents the second-highest annual petroleum revenue since Ghana commenced commercial oil production in 2011, with the highest being $1.42 billion in 2022.

The revenue surge was largely driven by favorable international crude oil prices, which helped to cushion the continued decline in oil production. Ghana's crude oil output dropped for the fifth consecutive year, reaching 48.25 million barrels in 2024, down from a high of 71.44 million barrels in 2019. The report noted a marginal year-on-year production decline of 0.01%, with an average annual drop of 7.4% over the past five years.

PIAC expressed concern over the sustained drop in production levels, warning that it poses long-term risks to Ghana's petroleum revenue potential. The Committee urged the government to prioritize attracting new capital into the upstream oil sector to mitigate production decline. "Parliament should ensure that the Ministry of Energy and its allied agencies increase efforts to secure investments in Ghana's upstream petroleum industry," the report recommended.

The report's findings highlight the need for strategic investment and regulatory action to sustain petroleum revenue growth and improve production efficiency. Ghana's petroleum sector has been experiencing a decline in production levels over the years, and the government must take proactive measures to address this issue.

The 2024 PIAC Annual Report covers the performance of Ghana's petroleum sector from January to December 2024 and includes detailed assessments of production volumes, crude liftings, revenue collection and allocation, as well as utilization of petroleum funds. The report provides valuable insights into the sector's performance and offers recommendations for improvement.

The surge in petroleum revenue is a positive development for Ghana's economy, but the decline in oil production is a concern that needs to be addressed. The government must take steps to attract new investments in the upstream oil sector and implement policies to improve production efficiency. This will ensure that Ghana's petroleum revenue potential is sustained in the long term.

In related news, Ghana loses $100 million to gas flaring annually, according to a report by ActionAid. Gas flaring is a significant environmental and economic issue in Ghana, and the government must take steps to address this problem.

In conclusion, Ghana's petroleum revenue surge in 2024 is a positive development, but the decline in oil production is a concern that needs to be addressed. The government must take proactive measures to attract new investments in the upstream oil sector and implement policies to improve production efficiency. This will ensure that Ghana's petroleum revenue potential is sustained in the long term.