Monthly crude oil production capacity in Ghana 2019-2024
As of December 2024, the crude oil production capacity in Ghana stood at 188,000 barrels per day, which kept stable from the five preceding months. From June 2019 onwards, the volume of crude oil that can be produced in Ghana generally followed a downward trend until October 2023, when an overall rising trend was observed.
Decreasing oil revenue
In April 2024, revenue from oil covered 0.3 percent of the country's Gross Domestic Product (GDP), and this reached 0.1 percent and zero percent in May and June 2024, respectively. In real oil monetary inflow, the country accumulated around 2.9 billion Ghanaian cedis (GHS) in April 2024 (equivalent of 75.5 million U.S. dollars), while in May and June 2024, 1.2 million GHS and roughly no value, respectively, were attained by the nation.
Oil trade and prices
From oil export transactions made between entities in Ghana and the rest of the world, Ghana obtained slightly over one billion U.S. dollars in the first quarter of 2024. The Balance of Payments on oil exports had stood at 852.5 million U.S. dollars in the first quarter of the previous year. On the other hand, in December 2024, around 6.1 million of crude oil was imported into the country. Furthermore, prices of this product reached some 75.4 U.S. dollars per barrel by October 2024.
Overall, the recent lower counts in crude oil production, capacity, revenue, and imports may be due to the impacts of the coronavirus (COVID-19) pandemic on the country's economy.
