3.750
%
Uncertain
57
mm boe
83
%
Following the Jubilee discovery, Ghana repeatedly changed petroleum agreements with investors. However, the completed debt restructuring under Mahama's government and the Jubilee licence extension agreed with Tullow in 2025 point to a more stable approach, although arrears and gas payment issues remain. Outlook amended from Uncertain because debt restructuring and the Jubilee extension provide greater clarity. Outlook: Neutral. Risk premia unchanged at 3.75%.
October 7, 2026
Africa - West
mm bbl
bcf
Western Africa, bordering the Gulf of Guinea, between Cote d'Ivoire and Togo.
Concession
All licences in Ghana are governed by concession terms. The main elements are royalty, income tax and an additional profits tax (called Additional Oil Entitlement, or AOE) which is based on rates of return. Specific terms exists for deep-water developments, with lower royalty and AOE rates.
Ghana remains one of West Africa's most stable democracies. John Mahama won the December 2024 election, and the economy has recovered under the IMF programme following the 2022 default and debt restructuring. US and UK guidance cite a generally open investment regime, but note arrears to power producers and contractors, tax unpredictability and illegal mining. The EIA notes offshore output from Jubilee, TEN (Tullow) and Eni's Sankofa gas project, with production broadly flat and new investment dependent on fiscal and gas-pricing reform.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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