Ghana’s dependence on imported petroleum deepened sharply in 2025, with fuel imports surging 36.7 percent to 8.71 billion litres and the import bill reaching an estimated US$4.95 billion, according to the Chamber of Oil Marketing Companies (COMAC) full-year analysis.
The report, referencing data from the Bank of Ghana (BoG), shows refined petroleum product imports rose from 5.06 million metric tonnes in 2024 to 6.92 million metric tonnes in 2025, adding 1.86 million metric tonnes of additional foreign supply into the country within a single year. Petroleum products now represent 30 to 32 percent of total national import expenditure, making fuel the single largest import category in the economy.
Domestic consumption also climbed, reaching 7.45 billion litres in 2025, a 15.29 percent increase from 2024, with petrol and diesel together accounting for nearly one billion litres of additional demand. Petrol consumption rose to 3.10 billion litres while diesel reached 2.76 billion litres, recording the largest absolute volume gains among tracked products.
Against this backdrop, local refining contracted. Domestic refinery output fell 11.3 percent from 500,612 metric tonnes in 2024 to 444,264 metric tonnes in 2025, with the Sentuo Oil Refinery offline in the first and second quarters and the Tema Oil Refinery (TOR) operating below capacity. Local production accounted for only six percent of total petroleum product supply in 2025, down from nine percent the previous year.
Adding to fiscal concerns, the report identified 199 million litres of unaccounted petroleum products in 2025, representing about 2.1 percent of total national supply and translating into an estimated GH¢600 million in lost tax, levy, and regulatory revenue that was not captured within the national petroleum accounting system.
Production recovered in the third quarter, exceeding 255,000 metric tonnes. The report noted that with TOR working toward increasing throughput from 28,000 to 45,000 barrels per stream day and Sentuo resuming operations, local refining could meet between 18 and 25 percent of national fuel consumption in the coming year, provided operations remain stable and are supported by reliable crude supply and financial investment.
A structural anomaly highlighted in the report is that 100 percent of Ghana’s domestically produced crude — which is light and sweet — is exported at premium international prices, while heavier and cheaper crude is imported for domestic refining.
COMAC warned that the country’s strategic petroleum storage cover of three to six weeks is below international resilience standards and significantly inadequate to absorb a major supply disruption. The chamber called for domestic refining capacity to be expanded through deliberate investment and for storage infrastructure to be doubled to provide at least a one-month supply buffer.
“Imports accounted for over 90 percent of total petroleum supply in 2025,” the report stated, warning that this level of dependence exposes the country to international oil price volatility, foreign exchange risks and global supply chain disruptions.
