Ghana’s Oil Decline Deepens – 2023 Output Drops to Lowest Since 2019

The report also revealed that, for the second consecutive year, the $70.5 million proceeds from Jubilee Oil Holdings Limited (JOHL) liftings in 2023 were not paid into the Petroleum Holding Fund (PHF).

The Public Interest and Accountability Committee (PIAC) has released its 2023 annual report on the collection, management, and utilization of Ghana’s petroleum revenues. The report highlights a significant decline in crude oil production, marking the fourth consecutive year of reduced output.