Ghana’s Oil Import Paradox Draws Sharp Criticism

By News Ghana 

June 12, 2025

Energy analyst Duncan Amoah has condemned Ghana’s continued reliance on imported refined petroleum despite domestic crude production, calling the practice economically unsustainable.

Speaking at the 2025 Citi Business Forum, the COPEC executive director revealed the country spends $400 million monthly repurchasing refined products from its own exported crude.

“This cycle of exporting raw crude only to import refined products represents a fundamental policy failure,” Amoah stated. He criticized International Oil Companies for shipping Ghana’s hydrocarbons to European refineries before selling back the processed fuel at premium prices. Official data shows Ghana exports approximately 170,000 barrels of crude daily while importing over 80% of its refined petroleum needs.

The energy expert challenged the government to implement immediate reforms through the Ghana National Petroleum Corporation. “GNPC must lead domestic refining efforts at Tema Oil Refinery and future facilities to retain value within our economy,” he urged. Bank of Ghana records indicate petroleum imports account for nearly a quarter of the nation’s total import expenditure, exacerbating trade imbalances.

Amoah’s critique comes as Ghana’s downstream petroleum master plan remains largely unimplemented, missing its 2023 target to establish the country as a regional refining hub. Energy economists note that developing local refining capacity could create thousands of jobs while reducing the monthly $400 million expenditure on fuel imports.

The Ministry of Energy has yet to respond to these latest criticisms, though sources indicate a cabinet review of petroleum sector policies may be imminent. With global energy markets undergoing significant realignment, Ghana faces mounting pressure to reconcile its hydrocarbon wealth with tangible economic benefits for citizens.