Pump Like There’s No Tomorrow, Ghana’s President Urges Oil Firms in Concerns for Global Energy Transition
Ghana’s President John Dramani Mahama has called on oil companies operating in the country to ramp up production and extract as much crude as possible before the world’s transition to renewable energy potentially renders fossil fuel resources less viable.
Speaking at the Africa CEO Forum in Abidjan, Ivory Coast, Mahama emphasized that oil is a finite resource that must be fully utilized while demand is still strong.
“Oilers, it’s time to pump like there’s no tomorrow,” Mahama said, urging international oil companies to act swiftly to exploit existing reserves, adding, “The global shift to renewables means that those who have oil assets should not hesitate to maximize extraction while the opportunity lasts.”
Mahama’s remarks come at a critical juncture for Ghana’s oil industry, which has seen a decline in output from a peak of 71.4 million barrels in 2019 to 48.3 million barrels in 2024.
This drop has been attributed to reduced investments in exploration and the development of new fields.
According to Mahama, part of the blame lies with regulatory challenges and a lack of clear policies that have created uncertainty for investors.
The president’s call for increased oil production is aimed at reversing this downward trend, encouraging businesses to view Ghana’s oil sector as a potentially lucrative opportunity in the short term.
“We are open to investment and will ensure that the regulatory environment is conducive for your growth,” Mahama assured.
However, Mahama also balanced his call for heightened oil production with a commitment to a sustainable future.
Ghana, he noted, remains dedicated to its long-term renewable energy goals. Under the country’s Renewable Energy Act, Ghana aims to have at least 10% of its energy mix coming from renewable sources, an effort that aligns with the broader global movement to combat climate change.
The president also touched on Ghana’s ongoing financial challenges, including its $2.5 billion debt to independent power producers and gas suppliers. To address this, Mahama announced plans to reduce the debt by the end of 2025.
He acknowledged the inefficiencies in the country’s state-owned utility, ECG, which has struggled with revenue collection, and emphasized the need for private sector involvement in improving the billing process.
Despite these challenges, Mahama’s administration remains focused on maintaining Ghana’s position as one of Africa’s emerging oil producers while steering the country toward a future powered by clean, renewable energy.
As the global energy sector continues to evolve, Ghana’s leaders are hoping that maximizing the potential of the country’s oil resources in the short term will provide the economic stability needed to invest in sustainable energy solutions for the future.
This statement from President Mahama marks a pivotal moment in the nation’s energy strategy, balancing the immediate pressures of oil production with the long-term goals of transitioning to renewable energy sources.
