The National Petroleum Authority (NPA) says Ghana currently has at least six weeks of fuel cover, dismissing concerns that the country could face an imminent shortage amid tightening global petroleum supplies.
NPA Chief Executive Officer Godwin Edudzi Tamakloe said the available stocks, combined with fuel cargoes currently at sea, provide a significant buffer for the domestic market.
“Currently, we have not less than 6 weeks of cover. Not less,” he said on Joy News’ PM Express Business Edition on Thursday, September 17, 2026.
He was responding to concerns over Ghana’s fuel supply outlook following recent reports of tighter global supplies and reduced fuel exports to some countries in the sub-region.
Cargoes at Sea Provide Additional Buffer
Asked whether the level of stocks was enough, Tamakloe pointed to the number of vessels currently on the high seas carrying petroleum products.
“And if you look at the number of vessels even on the high seas, it is significant. So at this point, yes, I have some supply,” he said.
The NPA boss said his immediate concern was not the availability of fuel but the potential impact of international market conditions on prices.
“No, my major concern now is price,” he said.
Asked whether he expected supply problems within the next month, Tamakloe was emphatic: “Not at all.”
He explained that developments in the international market were also prompting exporting countries to adjust their strategies, while pointing to the growing role of Nigeria’s Dangote refinery.
“Dangote is here,” he said, allaying fears of a supply crunch.
Global Supply Pressures
Tamakloe’s comments come as Ghana’s fuel market faces renewed pressure from global supply disruptions linked to conflicts and tighter availability of petroleum products.
The International Energy Agency (IEA) has warned of a significant reduction in global oil supply in 2026, while refined fuel inventories have also come under pressure. The IEA’s latest report noted that despite a projected surplus in total oil supply, refined product markets remain exceptionally tight.
The supply squeeze has been compounded by the ongoing conflict in the Middle East and sanctions on Russian crude, which have disrupted traditional trade flows and forced West African buyers to seek alternative sources.
Global oil supply growth is expected to slow to 1.3 million barrels per day in 2026, down from 2.7 million barrels per day in 2025, with the IEA also forecasting a reduction in Russian refinery runs as Ukrainian drone strikes continued to hit the country’s oil infrastructure.
Fuel Price Floors Adjusted
The developments have coincided with fresh increases in Ghana’s fuel price floors. From September 16, the NPA’s floor price rose to GH¢16 per litre for petrol and GH¢16.77 per litre for diesel, with LPG set at GH¢10.97 per kilogramme.
The adjustment reflects rising import costs driven by global market conditions, though Ghana’s private importers continue to set their own pump prices above the floor.
BOST Clarifies Export Reduction
Meanwhile, BOSTenergies has clarified that reductions in fuel exports to Burkina Faso and Mali do not indicate an imminent shortage in Ghana.
The company said the reduction was largely linked to revamp works at its Bolgatanga depot, its designated gateway into the Sahelian market. In a statement issued on Thursday, BOST said the observed reduction in regional export volumes was “largely owed to the ongoing revamp of its northernmost depot in Bolgatanga.”
“There is no imminent fuel shortage in Ghana, and no cutting of supply has been implemented on this and any other basis,” the company said, adding that “no political, security, or diplomatic consideration played any role in this decision.”
Regional fuel supplies to Burkina Faso and Mali have been sustained in the interim through Bulk Road Vehicles transporting products from BOST’s coastal depot in Tema. Full regional supply capacity will be restored upon completion of the Bolgatanga depot revamp, which the company said is nearing completion.
Defending the Private-Sector Model
Tamakloe also defended Ghana’s private-sector-led downstream petroleum architecture, saying the system was deliberately designed to encourage private-sector participation.
He acknowledged concerns that private operators could potentially exert pressure on government but said safeguards had been introduced to prevent a repeat of the 2014-2015 fuel crisis, when Ghana faced severe shortages and long queues at filling stations during a period of foreign exchange difficulties.
“I think there are some buffers that we put in place to ensure that the 2014-2015 events do not happen again. And like I said, that’s a particular concern, a great concern, to the President of the Republic, so we don’t get to a point where the private sector can effectively hold the whole country to ransom,” he said.
The 2014-2015 crisis was triggered by a combination of factors, including the depreciation of the cedi against the US dollar, which made it difficult for Bulk Oil Distribution Companies (BDCs) to secure letters of credit to finance fuel imports. The situation led to widespread shortages, hoarding and a surge in prices, forcing the government to intervene with emergency measures.
Gold for Oil Programme and Structural Reforms
Tamakloe’s reference to buffers reflects reforms implemented since that crisis, including the Gold for Oil (G4O) programme introduced in 2023 to reduce reliance on US dollars for fuel imports. Under the programme, Ghana pays for petroleum products with gold, easing pressure on the cedi and foreign exchange reserves.
The government has also implemented measures to strengthen the NPA’s oversight of the downstream sector, including stricter licensing requirements, monitoring of stock levels, and coordination with BDCs to ensure timely imports. The NPA publishes weekly fuel price benchmarks and monitors import volumes to detect potential supply gaps before they materialise.
Dangote Refinery: A Game-Changer for West Africa
Tamakloe’s reference to the Dangote refinery highlights the growing significance of the 650,000-barrel-per-day facility in Lagos, Nigeria, for West African fuel supply.
The refinery, owned by Africa’s richest man Aliko Dangote, has stepped up gasoline exports across Africa as disruptions to energy flows due to the Iran-Israel conflict squeeze traditional fuel supply routes, curbing cheap imports that long dominated West African markets.
Nigeria’s state oil company, NNPC Ltd, has begun selling petrol produced by the Dangote refinery in naira, in a move expected to lower the pump price of petrol in Nigeria and provide a more affordable source of fuel for the region. The refinery has also begun exports to Cameroon, Ghana, Angola and South Africa.
For Ghana, the Dangote refinery offers a closer, potentially cheaper source of refined products compared to imports from Europe and the Middle East, reducing freight costs and transit times. The refinery’s output could also ease the pressure on Ghana’s foreign exchange reserves by allowing payments in naira rather than US dollars.
Structural Challenges Persist
Despite the NPA’s reassurances, Ghana’s downstream petroleum sector faces structural challenges. The country’s refineries, including the Tema Oil Refinery (TOR), have struggled with operational difficulties for years, leaving Ghana dependent on imported refined products.
The NPA has said the country’s fuel imports are expected to remain stable through the fourth quarter of 2026, with demand projected at about 1.2 billion litres of petrol and 1.1 billion litres of diesel.
Ghana’s fuel market also faces the challenge of unpaid subsidies and legacy debts. The NPA has said it is implementing a recovery plan to address debts owed to BDCs, which have affected their ability to finance imports.
Tamakloe’s appearance on Joy News was part of the NPA’s efforts to reassure the public amid heightened concerns over fuel supply following BOST’s export reductions and global market volatility. His message was clear: Ghana has enough fuel, the private sector is not holding the country to ransom, and the focus should be on managing prices rather than fearing shortages.
About the NPA
The National Petroleum Authority was established by Act 691 of 2005 to regulate, monitor, and supervise the petroleum downstream industry in Ghana. Its mandate includes ensuring efficient and reliable supply of petroleum products, promoting competition, protecting consumer interests, and maintaining the integrity of the industry.
The NPA’s regulatory scope covers the importation, storage, transportation, marketing, and pricing of petroleum products, as well as the licensing and supervision of BDCs, oil marketing companies (OMCs), and other industry players. The Authority also manages the Unified Petroleum Price Fund (UPPF), which aims to ensure uniform pricing of petroleum products across the country.
