The Chamber of Petroleum Consumers (COPEC) has accused the government of failing to properly utilize Ghana’s strategic energy assets, particularly highlighting the deterioration of the Tema Oil Refinery (TOR) and the Bulk Oil Storage and Transportation Company’s (BOST) deviation from its core mandate.
COPEC Executive Director Duncan Amoah raised these concerns as Ghanaians face persistent fuel price hikes, with current pump prices exceeding previous records.
“Instead of channeling energy sector levies to revive TOR, we’ve watched this critical national asset remain idle since 2017,” Amoah stated, referencing the suspended Energy Sector Shortfall and Debt Repayment Levy. TOR, which once processed 45,000 barrels of crude daily, now stands largely non-operational, forcing Ghana to spend millions annually on fuel imports.
Amoah also challenged BOST’s current operations, questioning why the state-owned company continues collecting a GH¢0.12 per liter margin from consumers while functioning more like a commercial entity than the price stabilization buffer it was designed to be. “BOST reported GH¢250 million in profits last year, but where is the consumer benefit when fuel prices keep rising?” he asked.
Energy analysts note that Ghana’s fuel import dependency has worsened the cedi’s depreciation, with the country spending over $400 million monthly on petroleum imports. The situation has renewed calls for energy sector reforms, particularly as neighboring West African nations invest in domestic refining capacity.
