Ghana’s oil sector recorded a downturn in export earnings in the second half of 2025, according to new data released by the Bank of Ghana (BoG), raising fresh concerns about the country’s foreign exchange inflows and overall trade performance.
In its latest economic report, the central bank disclosed that revenues generated from crude oil exports declined compared to the first half of the year, largely due to a combination of lower global oil prices, production challenges, and fluctuating demand on the international market.
The BoG noted that although Ghana maintained steady production levels at its major oil fields, the country was unable to maximise earnings because of unfavourable pricing conditions and higher operational costs. As a result, oil export receipts fell short of projections, affecting total export revenues and foreign exchange reserves.
The decline in oil income, the report explained, had a ripple effect on the broader economy, putting pressure on the balance of payments and limiting the government’s fiscal space. Oil remains one of Ghana’s key export commodities, alongside gold and cocoa, making fluctuations in the sector particularly significant.
Despite the drop, the Bank of Ghana stressed that ongoing investments in the petroleum sector and efforts to stabilise production could help improve performance in the medium term. The central bank also urged continued diversification of export sources to reduce overreliance on crude oil revenues.
The revelation has sparked renewed discussions among economists and policy analysts, many of whom are calling for stronger value addition, improved efficiency in the oil sector, and accelerated reforms to cushion the economy against global commodity price shocks.
