Mahama Calls for Global Oil Investments Amid Ghana’s Economic Revival

Former President John Dramani Mahama has called for a fresh wave of investment in Ghana’s oil and gas sector, stating that the country’s ongoing economic recovery makes it an attractive destination for both upstream and midstream investment opportunities. According to Mahama, the improving macroeconomic conditions create an ideal environment for business growth, positioning Ghana as a prime location for energy sector development.

Speaking at the 2025 Africa CEO Forum in Abidjan, Mahama participated in a discussion with other African heads of state on the topic, “Oil and Renewable Energy: A Dual Bet for Ghana’s Future.” In his address, he emphasized the critical role of oil and gas in the nation’s future energy landscape, while also stressing the importance of balancing these resources with renewable energy development.

Mahama urged international investors to collaborate with Ghana’s government in the expansion and modernization of the country’s oil and gas infrastructure. He noted that such partnerships would play a pivotal role in ensuring long-term growth for the sector and broader economic stability. “The oil and gas sector has faced difficulties in the past. For reasons I’m not entirely sure of, past governments did not give the sector the priority it deserved,” he said. “But now, I am rolling out the red carpet for any investors interested in drilling and pumping in Ghana. The doors are open for business.”

The former president’s comments come at a time when Ghana is experiencing signs of economic recovery, after years of fiscal strain that culminated in the country seeking assistance from the International Monetary Fund (IMF). He emphasized that his government is committed to transforming the energy sector by attracting the right kind of investment to boost production and create jobs while positioning Ghana as a major player in the global energy market.

Mahama also took the opportunity to highlight the measures his administration is taking to stabilize the economy. One of the key issues addressed was the state of the energy sector, which has long been plagued by financial and operational challenges. Reflecting on the situation upon his return to office, he noted the significant debt burden that the sector had accumulated over time. “When we came back into office, the energy sector was in a dire situation, with nearly $2.5 billion owed to independent power producers, gas suppliers, and other stakeholders,” Mahama shared. “This was a huge problem that needed immediate attention.”

Since assuming office again, Mahama has prioritized addressing this debt, recognizing its potential to hinder the country’s ability to attract future investment. He explained that efforts are underway to renegotiate the energy sector debt and to develop strategies that will safeguard the sector’s future while ensuring that all parties involved are satisfied. “We are continuing the work that the previous government started. We are working to ring-fence the debt and create a sustainable approach to managing it,” he said. “By the end of this year or early next year, we are hopeful that we will have a solution that benefits all stakeholders.”

During the forum, Mahama was accompanied by a high-level delegation of ministers and economic advisors, all of whom participated in strategic boardroom sessions with investors and business leaders. The goal of these sessions was to further promote Ghana’s development agenda on the continental stage, strengthen diplomatic and economic ties, and secure important partnerships that will help accelerate the country’s growth.

Mahama’s comments are part of a broader push to highlight Ghana’s economic potential in the global market and reassure international investors that the country is once again a favorable destination for investment. By focusing on both the oil and gas sector, as well as renewable energy, Mahama seeks to position Ghana as a leader in the transition to sustainable energy while also capitalizing on its rich natural resources.

In conclusion, Mahama’s invitation to investors reflects the government’s ongoing commitment to transforming the energy sector and driving Ghana’s economic recovery. By addressing key challenges, such as the energy sector debt, and opening the door to new investments, the former president aims to ensure that Ghana remains on a steady path toward economic growth and long-term stability.