Ghana’s petroleum industry is calling on government to stabilize the cedi after recent currency fluctuations threatened to reverse gains from falling international oil prices, according to the Chamber of Oil Marketing Companies.
Board Chairman Gabriel Kumi issued the appeal during PetFun 2025, the chamber’s annual industry gathering, emphasizing that currency depreciation remains the primary driver of domestic fuel price increases despite improvements in the exchange rate from previous highs.
The cedi has strengthened significantly from approximately GH¢17 per dollar to around GH¢12, but recent data shows renewed pressure with the currency trading at GH¢12.05 to the dollar as of September 9. COMAC leaders warn that further depreciation could undermine the pricing stability achieved through the currency’s recovery.
COMAC Chief Executive Officer Riverson Oppong confirmed that fuel prices are expected to rise in September’s second pricing window, with petrol projected to increase by 3.86-5.40% per liter to approximately GH¢13.67. The anticipated increases come despite international petroleum price declines during the same period.
The warning reflects broader challenges facing Ghana’s petroleum sector, where import-dependent fuel markets remain vulnerable to foreign exchange fluctuations. Industry leaders emphasized that oil marketing companies have limited control over pump prices when currency instability drives input costs higher.
Oppong advocated for comprehensive energy sector policies that ensure financial sustainability while contributing to national economic development. The industry executive stressed the need for structural reforms that enable the petroleum sector to support broader economic objectives.
International petroleum prices recorded declines during recent weeks, with petrol falling 0.45%, diesel declining 3.73%, and LPG dropping 1.73% according to S&P Global Platts data, but the cedi’s depreciation eliminated these potential savings for Ghanaian consumers.
The currency dynamics highlight ongoing challenges for Ghana’s economy as it manages post-COVID recovery and debt restructuring efforts. The petroleum sector’s sensitivity to exchange rate movements makes fuel pricing a key indicator of broader economic stability.
PetFun 2025 brought together petroleum sector stakeholders for industry networking and recreational activities designed to strengthen professional relationships. The annual event provides a platform for addressing sector challenges while promoting work-life balance among industry professionals.
Vivo Energy Ghana Managing Director Christian Li praised the initiative as essential for employee wellbeing, noting that intensive work schedules often limit opportunities for relaxation and relationship-building. The games provide crucial stress relief for petroleum industry workers facing market pressures.
TotalEnergies Marketing Ghana Communications Manager Endesha Ampofo emphasized the event’s role in fostering solidarity among industry players. The networking opportunities help build collaborative relationships essential for addressing sector-wide challenges.
The petroleum chamber’s currency concerns reflect broader business community anxiety about exchange rate stability under the current economic management framework. Industry leaders seek proactive government intervention to maintain pricing predictability for consumers and businesses.
Ghana’s fuel pricing mechanism operates on a bi-weekly review system that adjusts pump prices based on international oil costs, currency movements, and local taxes. The automatic pricing formula aims to protect both consumers and marketers from extreme price volatility.
The COMAC leadership’s public appeal demonstrates industry willingness to engage constructively with policymakers on economic stability measures. The chamber’s recommendations focus on maintaining competitive fuel pricing while ensuring sector sustainability.
Currency stability emerges as a critical factor for Ghana’s energy security, with petroleum imports representing a significant portion of foreign exchange demand. The government faces balancing pressures between currency management and broader economic recovery objectives.
