Refined fuel products remained Ghana’s largest import items in 2024, led by diesel and petrol, highlighting the country’s continued dependence on external energy sources despite a stronger cedi and moderate global oil prices.
According to the Ghana Statistical Service’s 2024 Trade Report, automotive gas oil (diesel) was Ghana’s single largest imports, valued at GH¢28.3 billion, followed closely by petrol (GH¢21.9 billion) and other petroleum oils (GH¢17.6 billion). Combined, refined fuel imports accounted for over GH¢67.8 billion, or roughly 27% of total imports.
The data underscores the structural reliance on imported fuels for transportation, industrial use, and thermal power generation, even as the Ghanaian cedi appreciated by over 13% in the second half of 2024. While the stronger currency helped reduce the cost of imported fuel on a per-unit basis, the overall volumes remained high.
The dominance of fuel in the import basket comes amid continued investments in power generation and rising energy demand across sectors. Despite discussions around transitioning to more sustainable energy sources and improving domestic refining capacity, Ghana continues to rely on refined imports due to underutilisation of the Tema Oil Refinery and limited alternative infrastructure.
Fuel imports also played a major role in Ghana’s trade with countries like Togo, the Netherlands, and Singapore, key suppliers of petroleum products to Ghana.
The report further noted that Ghana’s top five import products, diesel, petrol, other petroleum oils, rice, and vehicles, reflect the country’s consumption and infrastructure patterns. But analysts warn that the fuel import bill poses long-term fiscal and foreign exchange risks, especially during periods of global oil price volatility.
With refined fuel imports consistently topping the import chart year after year, the data points to a pressing need for Ghana to revisit its energy strategy, invest in local refining, and explore alternatives to imported fossil fuels to strengthen energy security and reduce external vulnerabilities.
