Due to ongoing developments in offshore resources, Ghana’s Ministry of Energy expects production to reach 500,000 barrels per day by 2024. One of the main oil discoveries in the country between 2019 and 2021 was the Eban oil field, with estimated resources of 180 million barrels of oil equivalent.
How does the oil industry contribute to Ghana’s economic growth?
The oil industry contributes to Ghana’s economic growth. This contribution spans from international trade to domestic revenue and GDP. As of 2020, crude oil accounted for around 20 percent of Ghana’s total merchandise exports. This was a lower share compared to the nearly 29 percent registered in the preceding year.
How much oil did Ghana make in 2021?
Overall, Ghana’s oil revenue reached approximately four billion GHS, some 479 million U.S. dollars, in 2021. This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
How much oil does Ghana export?
As of 2020, crude oil accounted for around 20 percent of Ghana’s total merchandise exports. This was a lower share compared to the nearly 29 percent registered in the preceding year. Moreover, more than 100,000 barrels per day of oil were exported in 2020, earning the country around 14 billion U.S. dollars.