Ghana has made significant strides in increasing domestic petroleum-product production, reducing its reliance on imports, despite a global oil shock that drove up fuel prices and national consumption. According to a report by the Chamber of Oil Marketing Companies (COMAC), domestic production surged by 350.7% to 878.33 million litres in the first half of 2026, driven primarily by Sentuo Oil Refinery. This development has strengthened Ghana's energy security.
The report, titled "Analysis of Petroleum Product Volumes, H1 2026," also revealed that imports fell by 12.67% to 3.43 billion litres, while national consumption increased by 12.24% to 4.06 billion litres. Petrol and diesel remained the most consumed products, accounting for more than 80% of national consumption. The decline in imports and rise in domestic production have improved Ghana's energy security, but the report cautions that refined-product imports remain the country's main supply source.
The global oil shock had a significant impact on Ghana's fuel market, with average ex-pump prices rising above their January opening levels by 19.9% for petrol, 29.4% for diesel, and 22.9% for LPG during the first half of 2026. The report attributed the price increases to the Middle East conflict and the closure of the Strait of Hormuz, which led to a decline in vessel movements and a subsequent rise in freight, insurance, and delivery costs.
Despite the progress made in domestic production, the report identified a significant concentration risk, with Sentuo accounting for 91.3% of domestic refinery output, while Tema Oil Refinery recorded no production during the period. This concentration risk could potentially undermine the country's energy security if Sentuo's production is disrupted. The report also noted that Ghana's fuel inventories improved, with closing stocks increasing by 91% to 840.64 million litres.
The report also revealed that Ghana exported more petroleum products, with export volumes rising by 103.3% to 683.66 million litres. The country's fuel reserves also improved, with average stock cover increasing from 3.2 to 6.0 weeks. However, LPG remained more exposed, with only 3.1 weeks of cover. The findings suggest that Ghana still needs to work on building a resilient industry to sustain its growth in domestic production.
To achieve this, industry players and policymakers will need to work together to address the country's dependence on imports and reduce its reliance on a single refinery for local output. The report emphasized the need for a resilient industry that can withstand disruptions in global supply. The Chamber of Oil Marketing Companies has called on stakeholders to support the development of a robust and sustainable energy sector.
The increase in domestic production and fuel reserves is a positive development for Ghana's energy sector. However, the country's reliance on imports and a single refinery for local output remains a challenge. The government and industry players will need to work together to address these challenges and ensure a sustainable energy future for the country.
Key points
- Ghana's domestic fuel production surged by 350.7% to 878.33 million litres in the first half of 2026.
- The country's reliance on imports remains a challenge, with refined-product imports accounting for the majority of Ghana's fuel supply.
- Ghana's fuel consumption rose by 12.24% to 4.06 billion litres in the first half of 2026.
