By Nadia Ntiamoah
Ghana faces an alarming energy vulnerability as the country’s strategic fuel reserves run dry, leaving it dangerously exposed to external shocks in the volatile global oil market.
This warning comes from Duncan Amoah, Executive Director of the Chamber of Petroleum Consumers (COPEC), who sounded the alarm over the nation’s growing dependence on imported refined petroleum products.
In an interview on Channel One over the weekend, Duncan Amoah described the current situation as unsustainable and a direct threat to the economic stability.
His comments come as geopolitical tensions between Iran and Israel escalate, pushing global oil prices higher and straining energy-importing countries like Ghana.
According to Amoah, the Bulk Oil Storage and Transportation Company (BOST), the state entity mandated to maintain strategic reserves, currently holds “not a single litre” of fuel.
Compounding the problem, the Tema Oil Refinery (TOR)—which could have served as a crucial buffer—remains largely non-operational, plagued by years of underinvestment and management challenges.
“We cannot continue to be price seekers. We cannot continue to be global observers. International oil firms come down here, take our hydrocarbon resources, ship them to Europe, refine them, and then we import the same fuel back at inflated costs,” Amoah stated.
He emphasized that the lack of local refining capacity and a weakened energy infrastructure are at the heart of the problem.
“Every time there’s conflict in the Middle East, Ghana feels the economic shock almost instantly,” he said. “That’s because we have no buffer—no strategic reserves, no functioning refinery, and total dependence on foreign supply.”
The crisis has triggered a response from the highest levels of government.
During his thank-you tour of the Savannah Region on Friday, President John Dramani Mahama directed the Ministers of Finance and Energy to closely monitor developments in the Middle East and assess their likely impact on Ghana’s economic recovery.
President Mahama acknowledged the fragility of Ghana’s economic gains and emphasized the need for proactive measures to shield the country from global disruptions.
“We must stay ahead of international developments. If not, our recent progress could be wiped out overnight,” he told supporters.
Duncan Amoah called on the Energy Minister, John Jinapor, to urgently re-strategize Ghana’s energy policy.
He believes Jinapor has both the political backing and technical expertise to lead a shift away from reliance on foreign-refined fuel.
“This strategy must change. If anyone can fix it, it is the current minister. The ministry must begin by restoring strategic reserves and reviving TOR to operate at full capacity,” Amoah urged.
In recent years, Ghana’s fuel pricing system has come under intense scrutiny, especially as global oil market fluctuations translate almost instantly into local pump price hikes.
COPEC has long advocated for structural reforms to minimize consumer exposure to these external factors.
The current crisis highlights the dangers of Ghana’s import-dependent energy model.
