Transparency Snapshot

Ghana holds large mineral reserves and its extractives sector has been dominated for centuries by mining. Gold, diamonds, bauxite, manganese and salt are commercially exploited, along with substantial reserves of iron ore. Gold is currently the most important of these, accounting for over 90 percent of mining sector revenue while the mining industry as a whole contributes about 47 percent of total exports (Ghana EITI reports summary), and up to 40 percent of revenue in some mining areas.

Following the historic 2007 offshore discovery now known as the Jubilee Field, oil production began in December 2010. Estimates of total oil reserves range from 800 million to 1.8 billion barrels. Commercial extraction is expected to generate over US$1 billion per year in export revenue over the next 20 years. Tullow Oil, Kosmos and Anadarko are the main interested parties in the field, alongside the state-owned GNPC. Production as of the end of 2011 was expected to hit 24.78 million bbls.Several other companies hold licenses for further exploration. As a result, servicing outfits, oil companies and workers have flooded Ghana's coastline. The new oil wealth could represent a boom that provides Ghana with the revenue needed to drive development and reduce poverty. Read more ...

Extractive Industries

Ghana joined the ranks of oil exporting countries when it began commercial oil production on 15 December 2010. This followed the historic 2007 offshore discovery now known as the Jubilee Field. UK-listed Tullow Oil first announced the find at a well in the West Cape Three Points area, which was confirmed by drilling in the adjacent Deepwater Tano block.

The field constitutes Ghana's most significant and viable deposit of oil. Estimates of total oil reserves range from 800 million to 1.8 billion barrels. The average production in 2011 was around 68,000bbl per day, and production is expected to continue for the next twenty years, generating an average US$1 billion per year in export revenue over the same period.The total earnings from the Ghana oil group liftings (comprised of royalty and GNPC interest) came to $444,124,724 for 2011. Read more ...