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A re-energised upstream oil and gas sector

Ghana’s upstream oil and gas sector is expected to be marked by efforts to stabilise and modestly increase production in 2026 despite ongoing declines in output from mature offshore fields. The government is targeting an additional 10,000 barrels of oil per day this year, driven by renewed investor confidence and strategic policy reforms.

 

Development of the Pecan field, which has remained delayed since the approval of its plan of development in June 2023, is expected to progress in 2026, subject to the exit of Lukoil or the resolution of issues relating to its sanctions and the project reaching final investment decision (FID). If FID is achieved, full commercial development could commence, marking a significant milestone for Ghana’s upstream oil and gas sector. The Pecan field is projected to reach peak production of up to 80,000 barrels of oil per day, representing a material boost to national production levels and helping to reinvigorate upstream investment activity. It would also be interesting to observe potential government actions that may be taken in relation to the block pursuant to its rights under law and the petroleum agreement following the continuing delays to the project.

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The GNPC Exploration and Production Company Limited (Explorco), a subsidiary of the Ghana National Petroleum Corporation, is also expected to commence drilling for oil on the offshore Voltaian Basin this year. While official announcements had indicated a first quarter of 2026 timeline, it is likely that any drilling will commence in the second half of the year. Explorco has since announced the signing of a project management contract with LubriMax Ghana LTD and Well Engineers & Planners LTD for the provision of management services for the project and completed an aerial geophysical survey of relevant districts in the Voltaian Basin.

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These developments, combined with over USD 3.5 billion in new investment commitments secured in 2025, including a USD 2 billion framework agreement for the Jubilee and TEN fields to drill 20 new wells (coupled with an extension of the term of the underlying licenses to 2040), and a USD 1.5 billion memorandum of intent with the OCTP partners to expand operations, as well as the ongoing upstream oil and gas regulatory and fiscal review, are expected to drive a potential turnaround for Ghana’s upstream sector, which is currently experiencing declining oil production.

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The shift to gas for power generation

Building on developments in 2025, particularly the expansion of gas processing capacity by the OCTP partners and increased gas production from the Jubilee and TEN fields, efforts to scale up the utilisation of Ghana’s natural gas resources are expected to continue. Natural gas offers a cheaper and cleaner alternative to liquid fuels for thermal power generation. The agreements secured by the government with the OCTP and Jubilee/TEN partners for additional gas are expected to further increase gas availability.

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To offtake gas for power generation, the construction of the second gas processing plant (GPP II) by the Ghana National Gas Company LTD at Aboadze in the Western Region is expected to commence, especially following the constitution of a project implementation committee last year. The GPP II, with a nominal capacity of 150 million standard cubic feet per day (MMscfd) expandable to 300 MMscfd, is expected to increase total national gas processing capacity to 450 MMscfd once completed. It will process raw gas from the Jubilee and TEN fields and reduce levels of gas flaring.

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With a total of 150 million standard cubic feet of gas per day to be produced by the OCTP and Jubilee/TEN partners, enough to generate up to 1,200 megawatts of power, the government is expected to commence construction of a 1,200-megawatt state-owned thermal power plant to offtake the additional gas from the OCTP and Jubilee/TEN partners as well as the GPP II. The announcement of the project has been received with caution by IPPs and civil society organisations, who have questioned the viability of the project in  light of Ghana’s climate change commitments and the prevailing structural issues in the sector. Government is, however, convinced that the project would secure Ghana’s energy future by providing reliable and affordable power.

The shift to gas for power generation is projected to reduce generation costs by at least 75%, narrow energy sector financing shortfalls and their fiscal impact on the budget, strengthen energy security, and support Ghana’s climate commitments.

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Minerals diversification and value addition

In line with the government’s industrialisation and value-addition drive, it is expected that the GoldBod, tasked with spearheading Ghana’s transition from exporting raw gold to refined gold, will continue efforts to ensure such transition.  Pursuant to this policy, the GoldBod has (as of January 2026) entered into a refining contract with Gold Coast Refinery LTD (Africa’s second largest refinery) for the local refining of 1 metric tonne (approx. 32,150 troy ounces) weekly of GoldBod’s gold holdings. As noted by the President at the Mining Sector Local Content Summit held in February 2026, Ghana is deliberately shifting away from raw gold exports and is moving towards value addition and downstream processing to derive maximum benefit from its natural resources. GoldBod is, therefore, expected to champion the government’s policy of value addition to Ghana’s ASM gold and anchor a more integrated local gold value chain through GoldBod’s exclusive right and authority to buy, sell, or export ASM gold, directly or through its licensees. Additionally, plans to establish a “Gold Village”, a continental hub for gold jewellery design, manufacturing, and export, may be accelerated.

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Whilst gold will continue to be Ghana’s major commodity export, significant efforts to diversify the mineral sector and promote in-country value addition to capitalise on global consumption trends will continue.

 

The six bauxite mining leases secured by the Ghana Integrated Aluminium Development Corporation (GIADEC) in 2025 are expected to be presented to Parliament for ratification, after which mining operations may commence in the Nyinahin Range. GIADEC has announced that it has secured USD 60 million in a financing deal with Metalloid. The funds are initially intended to be deployed towards the financing of the Nyinahin mine development. The coming on stream of the Nyinahin mine will add to the ongoing mining operations at Ghana’s only active bauxite mine in Awaso, Western Region by the Ghana Bauxite Company LTD, which has recently seen a renewal of the underlying lease.

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The search for a strategic investor for the Volta Aluminium Company LTD (VALCO) will likely continue in line with the vision for an integrated aluminium industry and the policy of export value-addition. The submission of an options analysis by the investor selection committee to the Minister for Lands and Natural Resources is envisaged to lead to the formalisation of processes to select the qualified investors and partners for the modernisation of VALCO’s existing plants and, potentially, the construction of a refinery.

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Given the growing interest in battery-grade manganese for electric vehicle battery production, Ghana Manganese Company, a privately held mine, is expected to commence efforts towards establishing a local manganese refinery to produce high-grade manganese products for export, including battery-grade manganese.

 

Ownership dispute over the Bogoso/Prestea mine

In 2025, Blue Gold commenced arbitration against the government over the revocation of the Bogoso/Prestea mining lease. The arbitration is expected to continue and proceed to hearing, with the outcome ultimately determining the mine’s future. Heath Goldfields, which took over the mine, announced first gold pour at the mine following nearly 24 months of inactivity at the mine.

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Gold Fields to hand over Damang mine to government in April 2026

Gold Fields Ghana will handover the Damang mine to the government in April 2026, following the expiration of its one-year lease extension. While no formal announcement has been made regarding the new owners of the mine, Gold Fields have confirmed that it has been working with the government’s transition team since July 2025 for a coordinated handover of the mine. In the interim, it is expected that the transition team, will assume management of the mine pending the government’s decision on the long-term owner and operator of the mine.

 

Energy sector recovery

Considering the energy sector challenges such as indebtedness to IPPs for power supply which stands at USD 1.5 billion following renegotiations, financings  shortfalls estimated at over GHS140 billion for 2023-2026, and structural inefficiencies in the energy sector, as highlighted in the 2025 Economic and Fiscal Budget, the government is expected to continue the implementation of the Energy Sector Recovery Programme introduced to address the underlying issue of under-recovery of costs in the energy sector. Continued improvements in the implementation of the cash waterfall mechanism, which ensures that Electricity Company of Ghana (ECG) revenue is distributed proportionally among sector players including IPPs, are expected to sustain payment discipline in 2026. Following stricter enforcement of the mechanism which increased declarations from GHS 6 billion in 2024 to GHS 15 billion in 2025, further enhancements are anticipated to support timely payments to IPPs and reduce the accumulation of new arrears.

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Following the Cabinet’s approval of a strategy to open the power-distribution segment to private participation, concessions are expected to be awarded in 2026. It is also expected that the legacy IPP debt will continue to be paid in 2026 with the budget allocation of GHS 4.8 billion; after the payment of a total of USD1.470 billion by the government to IPPs in 2025.

 

Re-introduction of road tolls with modernised system

As part of the government’s road infrastructure policy, road and bridge tolls are expected to be re-introduced in 2026, through modernised barrier-free electronic systems. The new system will replace the traditional toll booths which previously caused traffic congestion on major highways, with automated tolling stations that utilise electronic vehicle detection and digital payments designed to reduce wait times and streamline operations. The system is anticipated to be deployed across all engineered roads (i.e., roads properly constructed and maintained, as opposed to rough or unmaintained) to support road maintenance and generate revenue for the completion of ongoing projects. The procurement process, already initiated by the Ministry of Roads and Highways to procure a private party to design, finance, construct, operate and maintain the related infrastructure is expected to be concluded this year.

 

Forest restoration projects

Following the European Union’s awarding of a €2.4 million grant to support four forest restoration projects nationwide, these projects are expected to commence. The projects aim to help revive degraded forest reserves but also enhance the livelihoods of farmers living in the affected communities.

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Deployment of API-PNR system at land and sea border posts

Following the launch and operationalisation of the API-PNR system at all of Ghana’s 3 international airports, the API-PNR system is expected to be expanded beyond international airports to cover all land and sea border posts, to ensure comprehensive traveller information capture, risk profiling, and border control. The system is also expected to be expanded to include the design, development, and implementation of an electric visa system, to be fully integrated with the API-PNR platform, to enhance pre-arrival screening, security vetting, and to facilitate legitimate travel.

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Ports

Ghana's port infrastructure is expected to see important developments in 2026.

Following the commissioning of phases 1 and 2 of the USD 1.5 billion Tema Port Expansion Project in November 2025, the expanded terminal is expected to significantly boost Ghana's trade capacity in 2026, positioning the country as a competitive trade and logistics hub for West Africa.

The proposed Keta Port, envisioned as Ghana's third maritime gateway to complement Tema and Takoradi and facilitate trade with eastern corridor neighbours, progressed through a successful environmental and social impact assessment public hearing in 2025, and we expect the Ghana Ports and Harbours Authority (GPHA) to clarify the timelines and development milestones this year. The President indicated in the 2026 SONA that the Cabinet has already reviewed the designs and the feasibility study for the port and directed the GPHA to present an action plan and a roadmap for the realisation of the project at the earliest possible time.

 

Highway expansion

We expect the Pokuase-Amasaman-Nsawam urban highway expansion and the Accra-Tema Motorway transformation project which have already commenced, to progress in 2026. The Accra-Tema Motorway project involves the reconstruction of the motorway into a 4-lane expressway with a 6-lane urban highway, including interchanges at Old Lashibi, Community 18 and Teshie Link. The Pokuase-Amasaman-Nsawam road expansion involves the widening of the road to 10 lanes with a 6–lane expressway and a 4–lane service road with interchanges at Amasaman, Pobiman, Medie and Nsawam Junction. These projects are expected to reduce congestion and enhance connectivity.

 

Revival of Ghana’s rail sector

Civil works on the 97-kilometre Tema-Mpakadan Railway Line having been completed with final testing and the repair of the train which was involved in the accident during a test drive on the railway in 2024, the railway line is expected to be fully commissioned this year. The construction of the 300-kilometre Eastern Line from Accra to Kumasi, is also expected to begin in 2026 with financing secured by the government in 2025. The revival of Ghana’s rail sector is expected to cut transport costs, support industries, and connect inland production zones to ports.

 

Re-establishment of a national airline and airport expansion

Following the President of Ghana’s indication that the 10-member task force established to oversee the re-establishment of a national airline has submitted a business model and operational framework to guide the selection of a strategic partner for the airline, we expect further progress towards the re-establishment of a national airline this year. Also, we expect comprehensive upgrades to Ghana’s airport infrastructure aimed at boosting connectivity, easing congestion, and enhancing the passenger experience. We expect the Accra International Airport expansion to commence including the remodelling of Terminal 2 into a dual-purpose facility for domestic and selected international flights to reduce congestion at Terminal 3, as well as the expansion of Terminal 3 to include a seven-storey car park, an airport hotel, and retail amenities.

We also expect plans towards the construction of new regional airports in Sunyani, Bolgatanga, and Wa to progress.

 

Affordable housing

Since the government has indicated that access to affordable housing remains a national priority, we expect more affordable housing units to be constructed. The Saglemi Affordable Housing Project is redesigned for completion through a public-private partnership model and 8,000 housing units are expected to be made habitable under the first phase of the project this year.

 

A Greenville District Housing Programme has been unveiled by the Ministry for Works and Housing, as a new government initiative aimed at boosting access to affordable homes for low- and middle-income households across the country, though specific eligibility criteria are yet to be published. The programme will begin with an eight-district pilot in which each district will receive 20 two-bedroom units; the programme is intended to use a hybrid construction approach combining compressed earth bricks with sandcrete blocks to reduce costs and enhance sustainability, and is part of broader efforts to decentralise housing delivery, improve living standards and tackle the nation’s estimated housing deficit.

 

Sanitation and access to safe water

On the back of progress recorded in 2025 when rural water coverage reached 78% and urban water supply 93%, work is expected to continue in 2026 to further expand rural and urban water supply. The Sekondi-Takoradi and Sunyani Water Supply Projects are expected to continue, targeting an additional 1.2 million beneficiaries. The Damongo, Bawku, and Yendi water treatment systems which were 85% complete as of 2025, are expected to be commissioned in 2026. The construction of these water treatment systems will double the treatment capacity in the Northern and Savannah Regions, reduce turnaround time for water supply in peri-urban communities, and provide reliable access to safe water for about 1 million residents.

 

Additionally, the Greater Accra Resilient and Integrated Development (GARID) Project (the GARID Project) which aims to address flooding in the Greater Accra Region of Ghana, is expected to continue with the Akweteyman and Alajo drains now at 62% completion. The GARID Project also includes the construction of an Engineered Landfill and Materials Recovery Facility at Ayidan in the Ga West Municipality, which is also expected to progress this year.

 

The funding outlook for sanitation initiatives is uncertain following the enactment of the Energy Sector Levies (Amendment) Act, 2025 (Act 1135) (ESLA 2025), which repealed the Energy Sector Levies (Amendment) Act, 2021 (Act 1064) (ESLA). The ESLA had imposed the sanitation pollution levy (SPL) on specified petroleum products. Notably, the schedule of levies under the ESLA 2025 no longer includes the SPL. It therefore appears that the SPL has been abolished, which may have implications for the continued funding of sanitation infrastructure. However, there is growing stakeholder consensus in favour of establishing a dedicated sanitation regulatory authority, and a dedicated sanitation fund supported by budgetary allocations, levies and service fees, and it remains to be seen whether these calls will translate into concrete legislative or policy action in 2026.

 

Infrastructural developments stemming from blue economy and sustainable ocean management

Following the launch of a National Blue Economy Strategy (NBES) as well as the Sustainable Ocean Plan (SOP) in 2025, significant infrastructure developments and related financing are expected to support the country's blue economy in 2026. The NBES seeks to guide sustainable exploitation of marine and aquatic resources, advance climate resilience, and position Ghana as a regional leader in ocean governance. The SOP also establishes an overarching framework to guide the sustainable management and long-term stewardship of Ghana’s marine and coastal environments. A joint technical committee is expected to be set up this year to harmonise the NBES and the SOP to enhance efficiency, reduce duplication of efforts, and enable Ghana to present a clear and unified national position on ocean and blue economy issues at both regional and global level.

 

Carbon market projects

Ghana's carbon market is poised for significant growth in 2026, building on the statutory framework established under the Environmental Protection Act, which created the Ghana Carbon Registry and the Carbon Market Committee. With 134 mitigation activities under development, 45 voluntary carbon market projects in the pipeline, and 5 cooperative approaches with Switzerland, Sweden, Singapore, South Korea and Liechtenstein, the carbon market is expected to expand. Also, several carbon market initiatives are expected to progress. These include Tullow Ghana and Forestry Commission nature-based carbon offset project, which aims to conserve and restore approximately 2 million hectares of land in the Bono and Bono East regions and generate up to 1 million tonnes of certified carbon offsets annually. Rainforest Builder's Project Akwaaba, one of the first projects globally validated under US-based Verra's newest reforestation methodology for reforestation projects, is poised to commence carbon credit sales following its final registration.

 

Construction

Sports – the construction of modern sports stadia in 3 out of the 8 regions without sport stadium is expected to commence, with completion of 3 stadia in 2026, and the remaining five to be completed by 2028.

 

Health – it is expected that the government will complete 10 of the abandoned Agenda 111 hospital projects, including La General Hospital, Effia Nkwanta Hospital in the Sekondi-Takoradi Metropolis, Komfo Anokye Maternity Block, and Ashanti Regional Hospital in Sewua. Plans are also underway for the construction of 6 new regional hospitals for the 6 newly created regions, beginning with three new hospitals and two district hospitals at Bole and Shama.

 

Education – the construction of educational facilities is expected to be prioritised in line with the educational sector reviews, with plans to build 200 new junior high schools, 200 new primary schools, 200 kindergartens, 400 4-unit teachers’ bungalows, and 400 places of convenience in underserved communities across the country.

 

Enhanced mobility

Plans towards a new domestic terminal in Kumasi and a maintenance, repair, and overhaul hub at the Accra International Airport to attract regional carriers are expected to progress. Full construction of the Boankra Inland Port is expected to commence this year; feasibility work having already commenced. After completion, the port will ease congestion and support northern trade corridors. Further, the Ministry of Transport is expected to expand the Bus Rapid Transit network, integrate e-ticketing, and modernise key terminals in Kumasi, Takoradi, and Tamale to improve urban mobility.