Ghana’s President John Mahama is urging investors to ramp up crude oil extraction to prevent the country’s oil assets from becoming stranded amid the global shift toward decarbonization.
Speaking at the Africa CEO Forum in Abidjan, he said Ghana is ready to welcome investors willing to boost production. Ghana’s oil output has declined for five straight years, dropping from 71.4 million barrels in 2019 to 48.3 million in 2024 due to limited investment.
Mahama’s push aligns with global trends, as major producers like the U.S. and OPEC also scale up output.Mahama secured victory in the December elections with a promise to revitalize an economy struggling with debt and soaring living costs.“The atmosphere became somewhat hostile,” Mahama noted. “The government appeared to sideline the oil sector.”
