Ghanaian Companies Win Bigger Share of Oil and Gas Contracts
Ghanaian-owned companies are claiming a growing share of contracts in the country’s oil and gas industry, according to the latest figures from the Public Interest and Accountability Committee (PIAC).
At the end of the second quarter of 2025, the total value of services provided in the petroleum sector stood at US$296 million. Of this amount, indigenous Ghanaian companies earned about US$147 million, representing nearly half of all service contracts. Joint venture companies, which bring together both local and foreign partners, earned US$141 million, while foreign companies alone received just US$8 million.
Local Firms Gain Ground
The figures show that Ghanaian firms are now doing almost as much work as joint ventures and far more than foreign companies, reflecting the growing impact of Ghana’s local content policy.
In 2024, joint ventures dominated the sector, earning US$547 million in service contracts, while local firms made US$198 million and foreign companies earned US$88 million. By mid-2025, that balance had shifted. Although the total value of contracts declined, indigenous companies gained a stronger foothold.
The rise in local participation means that more of the money generated from Ghana’s oil and gas industry is staying within the country, benefiting Ghanaian workers, suppliers, and small businesses. This shift shows that Ghana’s local content drive is beginning to pay off, creating opportunities for citizens and building domestic capacity in a critical sector.
Economic Benefits
The increase in local participation is significant for Ghana’s economy. When local firms handle more contracts, they hire more Ghanaians, pay taxes locally, and support other businesses in the value chain. It also helps to develop homegrown expertise and technology for future energy projects.
PIAC has long advocated for stronger participation of indigenous companies in the oil and gas value chain, in line with Ghana’s Local Content and Local Participation Regulations (L.I. 2204). The latest data suggests that these policies are beginning to achieve their intended results.
Challenges Ahead
Despite this progress, the total value of petroleum services fell sharply from US$833 million in 2024 to US$296 million in 2025 indicating a slowdown in sector activity. Analysts cite factors such as lower production, reduced exploration, and global price uncertainty as possible causes of the decline.
Even with these challenges, Ghanaian companies have managed to strengthen their presence in the sector. Their growing share of contracts points to stronger local capacity and a shift toward a more inclusive and sustainable oil and gas industry.
If this trend continues, Ghana could soon reach a point where most oil and gas-related work from logistics and engineering to catering and maintenance is handled by its own citizens and companies. That would mark an important step toward ensuring that the country’s natural resources truly benefit its people.
