Ghana has attracted about US$3.5 billion in fresh investment commitments to revitalise its upstream petroleum sector, Minister for Finance Dr Cassiel Ato Forson has revealed.
Delivering the 2026 Budget Statement and Economic Policy in Parliament, he said the move aims to reverse the country’s significant drop in oil output, which fell from 71.4 million barrels in 2019 to an estimated 36 million barrels in 2025.
Dr Forson outlined a US$2 billion framework agreement targeted at the Jubilee and TEN fields for the drilling of 20 new wells, as well as a US$1.5 billion Memorandum of Intent with Offshore Cape Three Points (OCTP) partners to scale up operations.
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He noted that the renewed investment climate has piqued the interest of major global oil players, including Shell, signalling confidence in Ghana’s petroleum prospects and the potential infusion of new capital, technology and technical know-how.
He announced that government expects to secure an additional 150 million standard cubic feet of gas per day to support national power generation.
To complement the expanded gas supply, the Ghana Gas Processing Plant (GPP) 2 project is being fast-tracked, while construction of a 1,200-megawatt state-owned thermal power plant will begin in 2026 to absorb output from the OCTP partners and GPP 2.
According to the Minister, the planned infrastructure will help stabilise electricity supply, reduce costs and strengthen the country’s long-term energy security.
He added that a comprehensive review of Ghana’s upstream regulatory and fiscal framework is underway to improve competitiveness, ensure transparency and provide stability for investors.
