Petroleum imports into Ghana rose sharply by 36.7% in 2025, reaching 8.71 billion litres compared to 6.2 billion litres in 2024, according to the Chamber of Oil Marketing Companies (COMAC).

In its Full-Year 2025 analysis, which referenced data from the Bank of Ghana (BoG), COMAC reported that the country’s petroleum import bill climbed to an estimated US$4.95 billion, up from US$4.63 billion the previous year.

The report highlighted a significant increase in refined petroleum imports, which rose from 5.06 million metric tonnes in 2024 to 6.92 million metric tonnes in 2025—an additional 1.86 million metric tonnes of foreign supply.

Fuel continues to dominate Ghana’s import profile, accounting for roughly 30–32% of total national import expenditure, making it the largest single import category.

This growing dependence is partly driven by declining local refining activity. Domestic production dropped by 11.3% in 2025, reflecting persistent underutilisation of refinery capacity and increasing exposure to global oil price fluctuations and foreign exchange risks.

Currently, the Tema Oil Refinery (TOR) operates at about 28,000 barrels per day, with plans to scale up to 45,000 barrels. Meanwhile, Sentuo Oil Refinery is reported to be processing around 40,000 barrels daily.

Despite these operations, locally refined petroleum products accounted for just 6% of total supply in 2025, down from 9% in 2024—underscoring Ghana’s heavy reliance on imports.

Interestingly, a portion of locally refined products is exported. Exports and re-exports rose from 524,603 metric tonnes in 2024 to 658,500 metric tonnes in 2025.

National fuel consumption also increased, with daily usage averaging 21.41 million litres. Total annual consumption reached 7.45 billion litres in 2025, representing a 15.29% increase from the previous year. Petrol and diesel alone contributed nearly one billion litres of additional demand.

COMAC noted that imports accounted for over 90% of Ghana’s petroleum supply in 2025, warning that such dependence leaves the country vulnerable to international price volatility, currency pressures, and global supply disruptions.

Domestic refinery output declined from 500,612 metric tonnes in 2024 to 444,264 metric tonnes in 2025. This drop was attributed to a shutdown at Sentuo Oil Refinery during the first half of the year, along with reduced output from TOR. However, production rebounded strongly in the third quarter, surpassing 255,000 metric tonnes.

The report also revealed that all domestically produced crude oil is exported due to its premium value on the international market. Meanwhile, Ghana imports refined products derived from cheaper heavy crude.

Looking ahead, COMAC indicated that local refining could meet between 18% and 25% of national fuel demand if refinery operations stabilise and receive adequate investment and crude supply.

On fuel security, the report noted that Ghana maintains an average stock cover of three to six weeks—comparable to other African countries but below international standards. COMAC warned that current storage capacity is insufficient to handle major supply disruptions and recommended doubling capacity to ensure at least a one-month buffer.

The organisation is therefore calling for bold and deliberate investment in local refining infrastructure, alongside expanded strategic storage facilities, to strengthen the country’s energy security.