Ghana’s Oil Discovery: What Will Be the Impact of Execution?

Ghana’s recent Declaration of Commerciality (DoC) for the Eban-Akoma discoveries is more than an upstream milestone. It’s a defining moment. Announced on 4th July 2025, this confirms the commercial viability of the Eban-1X (oil) and Akoma-1X (gas and condensate) fields in Cape Three Points Block 4 (CTP-B4).

This decision sends a clear message: Ghana is ready to move from exploration to production. But as history shows, it’s not the discovery that defines national progress, it’s the execution that does.

1. Economic Value, If We Get It Right

Executed well, this project could unlock new revenue through royalties, equity, and taxes. It could also create jobs, deepen local content, and drive investment in vital energy infrastructure, from FPSOs and pipelines to terminals and refineries.

Execution impact: Fiscal space, industrial stimulus, and GDP growth — driven not just by hydrocarbons, but by how they are managed.

2. Energy Security and Industrial Development

Domestic oil can reduce refined fuel imports, while gas from Akoma can stabilise the power grid, lower costs, and feed into key sectors like petrochemicals, ceramics, and fertilisers.

Execution impact: A more resilient, self-sufficient, and affordable energy supply — powering both homes and industries.

3. Gas as a Transition Fuel

Gas isn’t just a commodity — it’s a bridge. If developed responsibly, it helps replace heavy fuels, reduces emissions, and supports a gradual shift to renewables. It also ensures cleaner energy without compromising economic growth.

Execution impact: A greener, more balanced energy mix that aligns with Ghana’s long-term transition goals.

4. Confidence and Regional Leverage

Timely and transparent execution could boost investor confidence, attract fresh capital, and position Ghana as a West African energy hub — especially for regional gas exports. As others grapple with instability, Ghana has the chance to lead.

Execution impact: Enhanced FDI, regional influence, and strategic visibility on the global energy map.

But What If We Fail to Execute?

Delays, poor coordination, or governance gaps could stall progress, deter investors, and waste resources. A misstep at this stage risks turning potential into lost opportunity — and Ghana cannot afford stranded assets.

The Discovery Is Only the Beginning

The hydrocarbons are real. The potential is vast. But without focus, speed, and discipline, none of it will matter. What Ghana has unearthed is a rare opportunity not just to extract, but to transform.

Because in the end, the true value of this discovery isn’t what lies under the seabed — it’s what we build above it.

Written by Fredrick Owusu(CGIA)