Refined petroleum products top trade charts despite stronger cedi and push for local energy self-sufficiency
Despite a stronger cedi and ongoing national efforts to boost energy self-reliance, Ghana remained heavily dependent on imported fuel in 2024, with diesel and petrol leading the country’s import bill.
According to the Ghana Statistical Service’s 2024 Trade Report, automotive gas oil (diesel) was Ghana’s most imported product, valued at GH¢28.3 billion. It was followed closely by petrol (GH¢21.9 billion) and other petroleum oils (GH¢17.6 billion). Together, these three fuel products accounted for over GH¢67.8 billion—approximately 27% of Ghana’s total imports for the year.
The figures underscore a continuing structural reliance on external fuel sources for transportation, industrial activity, and thermal power generation, even as the Ghanaian cedi appreciated by more than 13% in the second half of 2024. While the stronger cedi slightly eased the cost per unit of imported fuel, overall import volumes remained consistently high.
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Persistent Fuel Demand Amid Energy Reform Efforts
The dominance of fuel in Ghana’s import profile comes amid rising energy demand and expanded investments in infrastructure and power. However, domestic production continues to lag. The Tema Oil Refinery, Ghana’s primary refinery, remains underutilised, limiting the country’s ability to reduce reliance on imported refined petroleum products.
Trade data also indicates that key fuel supply routes continue to run through Togo, the Netherlands, and Singapore—major international partners in petroleum trade with Ghana.
Top Imports Reflect Structural Realities
Besides fuel, Ghana’s top five imports in 2024 included rice and vehicles, reflecting broader consumption and infrastructural needs across the country. However, analysts have raised red flags over the long-term implications of the fuel import burden, particularly its impact on fiscal policy and foreign exchange stability in times of global oil price fluctuations.
Call for a Strategic Energy Shift
The consistent dominance of fuel in Ghana’s imports highlights the need for a strategic energy rethink. Experts are calling for renewed investment in local refining capacity, better utilisation of existing infrastructure like the Tema Oil Refinery, and acceleration of alternative energy initiatives to bolster national energy security.
As Ghana continues its development journey, reducing dependency on imported fossil fuels may prove crucial not only for economic resilience but also for climate goals and sustainable growth.
Last Updated on June 10, 2025 by
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
