Yussif Sulemana, Technical Advisor to the Ministry of Energy and Green Transition, says Ghana’s petroleum downstream sector remains stable despite the escalating conflict in the Middle East.

According to Dr. Sulemana, the country’s relatively strong downstream position puts Ghana in a better place to manage potential disruptions if the conflict persists.

He noted that, beyond the stability in the downstream sector, Ghana must also take advantage of its available fuel storage capacity, highlighting that both the Tema Oil Refinery (TOR) and the Bulk Oil Storage and Transportation Company Limited (BOST) have substantial storage facilities that could help cushion the country in the event of prolonged supply disruptions.

Speaking on News 360 on TV3 Ghana, Dr. Sulemana explained that the ongoing geopolitical tensions could have far-reaching global implications, particularly due to the strategic importance of the Strait of Hormuz.

“Anyone who understands the dynamics of what is happening knows it has the potential to spread to other areas. Even though it is happening far away, the involvement of other geopolitical actors means the Strait of Hormuz is effectively closed, which could remove about 20 per cent of global oil or hydrocarbon supply and trigger cascading effects across the world,” he said.

Dr. Sulemana stressed that the ministry is proactively assessing contingency measures to mitigate potential risks.

“The good thing is that this situation has emerged at a time when our downstream sector is already in good shape. Most of the industry players are also fully aware of what is happening,” he added.

He revealed that the Minister for Energy and Green Transition, John Abdulai Jinapor, has directed the National Petroleum Authority (NPA) to intensify market surveillance to ensure adequate fuel supplies.

According to him, Ghana currently has petroleum stocks that can last for about five weeks, and authorities are working with industry players to put additional measures in place in case the conflict extends beyond that period.

He also urged industry players to maximise the country’s storage facilities and closely monitor their fuel reserves to ensure preparedness.

Meanwhile, Dr. Jinapor has convened a high-level meeting with key stakeholders across Ghana’s petroleum upstream and downstream sectors to assess the potential impact of the Middle East crisis on the country’s fuel security.

The meeting brought together representatives from the National Petroleum Authority, Ghana National Petroleum Corporation (GNPC), oil marketing companies, and Bulk Import, Distribution and Export Companies (BIDECs), among other industry stakeholders.

In a statement issued by the Ministry’s spokesperson and Director of Communications, Rickom Rockson, discussions focused on global oil market volatility, possible supply chain disruptions, rising freight costs, and the potential impact on domestic fuel prices and consumers.

Dr. Jinapor emphasised the need for proactive measures to safeguard Ghana’s energy supply, stressing that contingency plans are being reviewed and strengthened to minimise any adverse effects from the geopolitical tensions.

He further directed the NPA to intensify its market monitoring and maintain close coordination with industry players to ensure that any potential supply disruptions are addressed promptly.

The Minister also urged sector agencies to maintain adequate fuel stocks, closely monitor international developments, and ensure stable nationwide distribution.

“Government assures the public that it remains fully committed to protecting Ghana’s energy supply security. All necessary measures are being explored to ensure sustained fuel availability and to minimise undue hardship on consumers,” the statement said.

The ministry added that it will continue to monitor developments closely and provide updates as the situation evolves.