The government of Ghana has announced a $3.5 billion (approximately CFA 1,953.5 billion) investment program aimed at revitalizing its declining oil industry and accelerating broader industrial development, officials said on Monday.

The initiative is designed to reverse a six-year downturn in the country’s petroleum production sector, which has faced challenges including maturing oil fields, reduced output, and delayed upstream investments.

According to government statements, the multi-billion-dollar plan will focus on boosting exploration activities, improving production efficiency, and attracting foreign direct investment into the upstream oil and gas value chain.

Authorities also expect the program to support industrialization by strengthening linkages between the energy sector and domestic manufacturing, refining, and petrochemical industries.

Ghana, one of West Africa’s leading oil producers, has relied heavily on petroleum exports since the start of commercial production in 2010. However, declining output in recent years has raised concerns over fiscal revenues and long-term energy sustainability.

Officials say the new investment framework will include partnerships with international oil companies and infrastructure upgrades intended to improve the competitiveness of the sector.

The government did not immediately provide a detailed timeline for implementation, but said the plan is aligned with its broader economic transformation agenda focused on value addition and job creation.

The announcement comes as Ghana continues to balance energy sector reforms with efforts to diversify its economy beyond raw commodity exports.