Oil industry in Ghana - statistics & facts

Ghana plays an important role in the African oil industry. In 2020, the country produced crude oil amounting to over 173,000 barrels per day. Due to ongoing developments in offshore resources, Ghana's Ministry of Energy expects production to reach 500,000 barrels per day by 2024. One of the main oil discoveries in the country between 2019 and 2021 was the Eban oil field, with estimated resources of 180 million barrels of oil equivalent. Several oil fields contribute to the overall oil output. For instance, the Jubilee field produced around 27.3 million barrels of oil in 2021, while for Offshore Cape Three Points and Tweneboa Enyenra Ntomme, the volume of production reached some 15.7 million and 12 million barrels in the same year, respectively.

Growing petroleum prices and consumption

The overall prices of petroleum products in Ghana have significantly increased since the beginning of 2022. This has mainly been attributed to the Russia-Ukraine war and its effects on the oil industry. For instance, the price of gasoline rose from 6.9 Ghanaian cedis (GHS) on January 3, 2022, to nearly 12 GHS on July 25, 2022. In spite of the rising prices, the supply and consumption of oil products have not ceased to grow. In May 2022, over 133,000 metric tons of gasoline were supplied in Ghana. In terms of consumption, the transport sector was the leading consumer. In 2021, the sector used nearly 4.6 million tons of oil equivalent of petroleum products. In contrast, around 615,000 tons of oil equivalent were consumed by the industrial sector during the same period. The Greater Accra region was the largest consumer.

Oil and Ghana’s economy

The oil industry contributes to Ghana’s economic growth. This contribution spans from international trade to domestic revenue and GDP. As of 2020, crude oil accounted for around 20 percent of Ghana’s total merchandise exports. This was a lower share compared to the nearly 29 percent registered in the preceding year. Moreover, more than 100,000 barrels per day of oil were exported in 2020, earning the country around 14 billion U.S. dollars. Overall, Ghana's oil revenue reached approximately four billion GHS, some 479 million U.S. dollars, in 2021.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Doris Dokua Sasu, Dec 21, 2023

Key insights

Crude oil production volume
173k bbl/d
Annual oil production in Jubilee field
30.5m bbl
Annual oil production in TEN field
8.6m bbl
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Editor’s Picks Current statistics on this topic

Market share of leading oil companies in Ghana as of 3rd quarter 2023

Prices, Marketing, and Trade

Market share of leading oil companies in Ghana 2023

Volume of oil produced in Ghana as of 2022, by oil field (in barrels)

Crude Oil

Main oil production fields in Ghana 2022

Monthly crude oil prices in Ghana from February 2018 to August 2023 (in U.S. dollars per barrel)

Crude Oil

Prices of crude oil in Ghana 2018-2023

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