The Executive Director of the Africa Sustainable Energy Centre, Justice Ohene Akoto, has called for stronger investment in Ghana’s oil refining capacity and energy diversification to reduce the country’s vulnerability to global fuel price shocks.
Speaking on the Asaase Breakfast Show on Monday (16 March), Akoto said Ghana’s heavy reliance on the global petroleum market makes the country highly exposed to international volatility.
According to him, strengthening domestic refining capacity—particularly through facilities such as the Tema Oil Refinery—would significantly reduce the impact of global price fluctuations on local fuel prices.
“We need to invest heavily in refinery capacity so that we can refine and distribute more fuel locally rather than relying on the international market,” he said.
Akoto explained that the global oil market is inherently volatile and influenced by geopolitical tensions, making it difficult for countries like Ghana to control prices.
“Today there are tensions in the Middle East; tomorrow shipping routes are disrupted. If we depend entirely on global markets, we will always feel these shocks,” he noted.
He also urged policymakers to adopt a broader approach to energy reform by diversifying Ghana’s energy mix.
According to him, expanding renewable energy sources and promoting electric mobility could reduce the country’s dependence on petroleum products.
“If we had a diversified energy mix and more electric vehicles on our roads, the shocks from the oil market would not affect us as much,” he said.
Akoto further suggested improvements to the petroleum sector’s price floor policy. While supporting the policy in principle, he argued that oil marketing companies should be allowed to sell below the minimum price if they can maintain product quality.
“If an oil marketing company can sell at a lower price with the same quality fuel, they should be allowed to do so. That will introduce more competition and provide relief to consumers,” he explained.
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