Ghana’s upstream petroleum sector is showing signs of renewed investor confidence after years of subdued activity, with major industry players committing billions of dollars in fresh investments to sustain production, expand gas supply and strengthen the country’s energy security.
Chief Executive Officer of the Petroleum Commission, Emeafa Hardcastle, disclosed this at the launch of the 2025 Annual Investment Report at the Bank of Ghana, where she outlined Ghana’s petroleum investment performance and the government’s priorities for attracting new capital into the sector.
According to Ms. Hardcastle, upstream investment recorded positive growth in 2025 following more than six years of relatively slow growth, describing the turnaround as an important indication of renewed confidence in Ghana’s petroleum industry.
She said the Jubilee and TEN partners have committed approximately US$2 billion towards further development activities, which are expected to sustain oil production, increase domestic gas supply and reduce the price of gas supplied to the power sector.
The intervention, she said, could reduce the applicable gas price by approximately 18%, translating into estimated savings of about US$300 million for Ghana.
Ms. Hardcastle further disclosed that another US$1.5 billion investment commitment has been made towards increasing gas supply and developing the Eban-Akoma discoveries, potentially adding between 270 million and 300 million standard cubic feet of gas per day.
She said Ghana had also attracted two new exploration companies, describing their entry as further evidence of improving investor interest in the country’s upstream petroleum industry.
Despite declining production volumes, Ms. Hardcastle said the petroleum sector generated approximately US$772.278 million in government revenue in 2025 and remained a major contributor to the country’s foreign exchange earnings.
A major component of the government’s strategy, she explained, is to significantly expand domestic natural gas infrastructure and reduce Ghana’s dependence on imported fuels.
Central to that agenda is the proposed second gas processing plant, GPP2, which she described as a potentially transformative investment for Ghana’s energy sector.
The facility is expected to have an initial processing capacity of 150 million standard cubic feet per day, expandable to 300 million standard cubic feet per day. Citing the latest Ministry of Finance assessment, Ms. Hardcastle said the project could save Ghana close to US$500 million annually when operational.
She stressed, however, that Ghana faces intense competition for petroleum investment as global capital responds to the energy transition, climate commitments, geopolitical uncertainty and changing investor priorities.
The country must therefore offer a stable fiscal regime, transparent regulatory environment and efficient licensing processes if it is to remain competitive.
Ms. Hardcastle disclosed that government is consequently reviewing the laws governing Ghana’s upstream petroleum sector, with proposed amendments expected to be submitted to Parliament by the end of the year.
She also called for an aggressive reserve-replacement strategy through increased exploration to ensure new hydrocarbon discoveries replenish resources already being produced.
Beyond attracting capital, the Petroleum Commission CEO insisted that Ghana must ensure petroleum investments translate into broader economic benefits through local content, employment, technology transfer and opportunities for Ghanaian businesses and professionals.
“The value of petroleum investment must not only be measured by the capital that enters the country,” she stressed, pointing to jobs, technology transfer, business development, infrastructure and community investment as equally important measures of the sector’s contribution.
The 2025 Annual Investment Report was launched by the Ghana Investment Promotion Authority in collaboration with the Bank of Ghana, Ghana Free Zones Authority and Petroleum Commission on Friday, August 21, 2026.
