Prof. Kwame Adom-Frimpong, the chairman of the Public Interest and Accountability Committee (PIAC), has urged the government to stop the fall in crude oil output.
According to him, the nation's oil output has fallen for three years in a row, with an average 10% reduction.
The chairman was discussing the usage and administration of petroleum money at the 2023 Bono Regional Public Forum in Sunyani.
Prof. Adom-Frimpong claims that production fell from 71,439,585 barrels (bbls) in 2019 to 66,926,806 bbls in 2020, or 6.32 percent.
It continued to fall, reaching 55,050,391 bbls in 2021—representing 17.75%—and 51,756,481 bbls in 2022—representing 6%.
However, he claimed that the $1.43 billion in total petroleum revenue in 2022 marked the highest annual total since the nation's oil production began.
Three fields in the nation now produce oil: Jubilee, Tweneboa, Enyenra, Ntomme (TEN), and Sankofa Gye Nyamme (SGN).
The conference, which PIAC coordinated, educated the populace about how the government handled petroleum income and also sought their opinions on the best course of action.
Traditional leaders, civil society groups, the church, certain representatives of the security services, municipal and district chief executives, and some members of the assembly were present.
The attendees wanted explanations about what had led to the ongoing fall in crude oil output, how to rectify the situation, and the state of the Heritage Foundation.
Others recommended increasing the annual budget financing amount (ABFA) by 5% in order to give the assembly more money to spend on development initiatives.
Appeal
Prof. Adom-Frimpong pleaded with the government once more to quicken the sustainable development of its petroleum resources in order to stop the output reduction.
He urged more investment in oil refineries and the prompt completion of current projects in the crude oil sector.
He asserted that the country's crude oil was seeing a reduction as a result of ongoing oil refinement at a specific location without expansion and asked the government to expedite procedures to buck the trend.
Commitment
According to Justina Owusu-Banahene, the Bono Regional Minister, the government is dedicated to the wise use of petroleum revenue for the quickening of the nation's growth.
The minister said that a portion of the money was going towards important initiatives like the Free Senior High School and the supply of facilities and supplies in schools.
However, she expressed the hope that more of the funds would be directed into the agricultural sector to support regional economic activity.
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