President John Dramani Mahama has disclosed that proposed amendments to the Petroleum Exploration and Production Act, 2016 (Act 919), have been submitted to Cabinet for consideration.
The proposed amendments are intended to introduce better incentives to attract investment into Ghana’s upstream petroleum sector amid efforts to reverse declining oil production and encourage fresh exploration.
Speaking at the 2026 Local Content Conference and Exhibition in Takoradi, President Mahama said the existing legislation had served the country well but required adjustments to respond to changing industry conditions and the ongoing global energy transition.
He recalled assenting to Act 919 in August 2016, noting that while the legislation had provided an important regulatory framework for the sector, the need had arisen to amend certain provisions to make Ghana’s petroleum industry more attractive to investors.
“The amendment has been signed by the Ministers of Energy and Finance, and has just been submitted to Cabinet,” he announced.
The President’s disclosure comes against the backdrop of declining crude oil production, reduced exploration activities and the withdrawal of some major industry players from Ghana’s petroleum sector.
President Mahama acknowledged that poor governance and regulatory inconsistencies had contributed to declining investor interest, resulting in some companies redirecting their investments to other jurisdictions.
He said his administration has prioritised resolving outstanding upstream disputes, restoring confidence among investors and creating a more predictable operating environment.
According to him, the interventions are beginning to yield results, with crude oil production increasing from approximately 88,000 barrels per day to more than 120,000 barrels per day.
He also announced fresh investment commitments of $2 billion from Jubilee partners and $1.5 billion from Offshore Cape Three Points partners.
President Mahama stressed that government recognises the importance of maintaining a balance between attracting international investment and ensuring that Ghana derives maximum benefits from its petroleum resources.
He therefore urged the Petroleum Commission to enforce the country’s petroleum laws fairly while ensuring that operators comply with safety, environmental protection and local participation requirements.
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Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/ Presidential Affairs Correspondent | Ghana 🇬🇭
