Ghana’s President Mahama calls for fast-tracked oil drilling amid global shift to renewables
Ghana’s President John Mahama has called on oil companies to fast-track drilling operations in the country before global demand declines due to the energy transition.
Speaking at the Africa CEO Forum in Abidjan, Mahama warned that Ghana risks being left with stranded oil reserves if exploration and drilling are not accelerated.
“Oil is in transition. Everybody who has any assets should be pumping like there’s no tomorrow. I will lay a red carpet for anybody who wants to drill and pump oil because, in the next decade or two, the world would have made a transition to renewables,” Graphic Online quotes the president.
He criticised the previous administration for regulatory delays and disputes that he said discouraged investment in the oil sector. He cited long-running tensions with companies such as Tullow Oil and ENI, which he claims disrupted operations and led to disinvestment.
“ENI was held in contempt, and they had to move all their expatriate management to Côte d’Ivoire. Now the company is back and they are drilling again," he said.
Data from Ghana’s Public Interest and Accountability Committee (PIAC) shows that crude oil production declined to 48.25 million barrels in 2023, down from 71.44 million barrels in 2019, largely due to reduced investment in new wells.
Despite advocating for increased oil production, the president reaffirmed Ghana’s commitment to renewable energy targets. Under the Renewable Energy Act, at least 10% of the country’s energy mix must come from renewable sources.
