Ghana’s energy debate needs to move beyond the price motorists see at the pump and focus more closely on how the country secures a reliable supply of fuel, the Chamber of Oil Marketing Companies (COMAC) has said.
According to COMAC Chief Executive Officer Dr Riverson Oppong, the latest disruption in the global oil market is exposing a vulnerability that could become more important for Ghana in the years ahead: fuel may be available on the global market, but getting it to where it is needed can become increasingly difficult and expensive.
Speaking on Channel One TV’s The Point of View on Monday, September 14, Dr Oppong said the current situation is not only about how much crude oil is available.
“It is not necessarily availability; it is accessibility,” he said.
For Ghana, that distinction matters because the country remains heavily dependent on imported refined petroleum products. Even when there is enough fuel in the world, disruptions to shipping routes, vessel availability, freight and insurance can raise the cost of getting that fuel into the country.
That means motorists can face higher pump prices even without an outright shortage of fuel.
Local refining could provide a buffer
Dr Oppong pointed to Ghana’s growing local refining capacity as one of the developments that could strengthen the country’s position.
He said local refineries are now supplying more than 30% of Ghana’s domestic fuel demand, up from about 10% previously.
That shift could become increasingly important when international supply chains come under pressure.
Fuel refined locally can avoid some of the freight, insurance and other costs associated with importing finished petroleum products. It also gives Ghana another source of supply when international logistics become more expensive or disrupted.
But local refining does not mean Ghana is completely insulated from global oil prices.
Ghana’s petroleum pricing system remains linked to international refined-product prices, meaning changes in the global market can still feed into domestic prices even when more fuel is produced locally.
Africa’s dependence exposed
The issue also extends beyond Ghana.
Dr Oppong said Africa’s heavy reliance on imported petroleum products leaves the continent exposed whenever global supply routes are disrupted.
Countries such as Nigeria and Angola have crude oil resources and export capacity, but the continent still imports significant volumes of refined petroleum products.
That creates an opportunity as well as a vulnerability.
According to Dr Oppong, international oil companies are increasingly looking at refining petroleum products closer to where crude is produced in sub-Saharan Africa, rather than exporting crude and importing finished products back into the region.
For African oil-producing countries, that could mean more investment in refining, greater use of domestic crude and stronger regional fuel supply networks.
From affordability to security
For Ghana, the conversation could therefore become less about responding to every international price shock after it happens and more about building the capacity to withstand those shocks.
A stronger domestic refining base, reliable crude supply, storage capacity and more resilient transportation networks could all reduce the country’s exposure to disruptions along international supply routes.
The immediate concern for consumers remains the price of petrol and diesel. But the longer-term question is what happens when global supply is disrupted, shipping costs surge or access to fuel becomes more difficult.
For a country that depends heavily on imported petroleum products, having fuel available at the right time may be just as important as how much it costs.
