An International Monetary Fund (IMF) mission to Ghana has cited increased oil production as a factor in the country's improved economic outlook for 2017
The concluding statement from the IMF described economic prospects for Ghana in 2017 as "encouraging" with overall GDP growth expected at around six per cent. According to the statement, this reflects "a strong increase in oil production, against the backdrop of the contractionary impact of the budgeted fiscal adjustment".
Inflation in Ghana is trending downward and following large FX inflows, the government plans to add US$700mn to its net reserves this year, the largest increase since 2011 when oil production started.
French investment firm Natixis has predicted that by 2018, oil production will reach 350,000 bpd. Last year, technical problems at the Jubilee offshore field led to a slowing down of production. However, increased production at the Tweneboa, Enyera and Ntomme fields is contributing to the increase.
Tullow, a Jubilee field operator, has been impacted by the 2016 production decline, but is optimistic about increasing oil production in the fourth quarter of 2017, when a maritime border dispute between Ghana and Côte d'Ivoire is expected to be settled by the International Tribunal for the Law of the Sea. After the ruling, Tullow expects to increase production above the current estimated levels of 50,000 bpd.