Global geopolitical tensions and volatile fuel prices have intensified calls for Ghana to refine its crude oil domestically rather than exporting it for processing abroad.
The country, which produces 160,000 barrels per day, still imports nearly all its refined petroleum products despite having sufficient crude to meet local demand.
The Chamber of Petroleum Consumers (COPEC) has long advocated for local refining, arguing that reliance on imports leaves Ghana vulnerable to price shocks. “We export crude at lower prices only to buy back refined products at a premium,” said Duncan Amoah, COPEC’s Executive Secretary. “This is unsustainable.”
Economist Dr. Paul Appiah Konadu of Pentecost University echoed the sentiment, stating that refining locally would reduce costs and stabilize fuel prices. “Ghana’s exposure to global market fluctuations is avoidable,” he said.
Despite having the Tema Oil Refinery (TOR), operational challenges and outdated infrastructure have hindered its efficiency. Meanwhile, private refiners like Sentuo Oil Refinery face regulatory hurdles, delaying progress.
With conflicts in the Middle East and shipping disruptions further straining global supply, analysts warn that Ghana must act swiftly to secure its energy future. Neighboring countries like Côte d’Ivoire and Senegal are already advancing their refining capabilities, increasing pressure on Ghana to follow suit.
