Accra: Finance Minister, Dr. Cassiel Ato Forson, has announced that the Government has paid GHS12.4 billion into Ghana's energy sector and secured more than US$3.5 billion in new upstream oil and gas investment commitments as part of measures to strengthen the country's energy industry. Presenting the 2026 Mid-Year Budget Review and Supplementary Estimates in Parliament, Dr. Forson said the government had paid GHS7.1 billion to the energy sector to ensure stable electricity supply across the country, while GHS5.3 billion had been used to clear legacy government arrears. The minister made the announcement while updating Parliament on the implementation of government's key policy initiatives during the first half of 2026.
According to Ghana Web, Dr. Forson told Parliament that Ghana's crude oil production had declined sharply from 71.4 million barrels in 2019 to about 36 million barrels in 2025. He said the government had introduced investor-friendly reforms to reverse the decline, adding that the reforms had already secured more than US$3.5 billion in new investment commitments from the Jubilee and Offshore Cape Three Points (OCTP) partners.
Dr. Forson reported that the reforms are already producing results. He said oil production had exceeded expectations, with output from the Jubilee Field increasing from a projected 68,000 barrels per day to about 95,000 barrels per day, while the Sankofa Field is now producing about 28,000 barrels per day. Dr. Forson also announced that gas production had increased from 245 million to about 282 million standard cubic feet per day.
He mentioned that a new agreement with the OCTP partners would further increase gas production to 350 million standard cubic feet per day. The minister further disclosed that the government is updating the laws governing Ghana's upstream petroleum sector to make the country more attractive to investors. He indicated that the proposed amendments are expected to be submitted to Parliament before the end of the year.