Policy Lead for Climate Finance and Energy Transition at the Institute for Fiscal Studies, Kwesi Yamoah Abaidoo, says recurring fuel price shocks highlight Ghana’s heavy dependence on fossil fuels.
Speaking on the Asaase Breakfast Show, Abaidoo noted that most sectors of Ghana’s economy—from power generation to transportation—rely heavily on petroleum products.
According to him, nearly all vehicles on Ghana’s roads run on petrol or diesel, leaving consumers highly exposed to fluctuations in global oil prices.
“Roughly 90 to 95 percent of vehicles in Ghana depend on fossil fuels,” he said. “So whenever global fuel prices rise, the entire economy feels the impact.”
Abaidoo said the situation reflects slow progress in implementing the country’s energy transition agenda.
Although Ghana has developed policy frameworks aimed at promoting cleaner energy, he noted that implementation has been slow.
“We have policies in place for energy transition, but the pace of implementation has not been as swift as expected,” he said.
He argued that rising fuel prices could create momentum for a shift toward cleaner transport alternatives, particularly electric vehicles.
“With the increase in fuel prices, many consumers are beginning to reconsider whether it makes economic sense to rely solely on petrol or diesel vehicles,” he said.
According to him, electric vehicles could significantly reduce transportation costs for many households.
“Instead of spending hundreds of cedis on fuel, an electric vehicle can be powered at a much lower cost,” he explained.
However, Abaidoo acknowledged that Ghana still faces infrastructure challenges, including the limited number of electric vehicle charging stations outside major cities such as Accra.
He therefore called for greater investment in charging infrastructure and energy systems to support the country’s long-term transition to cleaner energy.
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