The National Petroleum Authority (NPA) of Ghana has expanded its export agreement to include Senegal and Gambia for the importation of petroleum products from Ghana. This development adds to the existing list of countries—Mali, Niger, Burkina Faso, Côte d’Ivoire, and Togo—that import petroleum products from Ghana.
In the year 2023, the volume of petroleum products re-exported and transited to these neighboring countries amounted to 385,154,100 litres.
Delivering his welcome address at the Ghana International Petroleum Conference (GhIPCon), themed “The Petroleum Industry: Building a Future for Growth, Efficiency, and Sustainability,” Dr. Mustapha Abdul-Hamid highlighted the increase in the volume of export as a testament to NPA’s success in curbing illicit fuel activities in the country.
The industry currently registers over 3,000 service providers with high local participation, delivering over four million metric tonnes of petroleum products annually for both Ghana and beyond. This growth has positioned the industry as a key contributor to Ghana’s gross domestic product (GDP).
“We estimate that the sector had a monetary value of over GHC 71 billion, representing about 84% of the country’s 2023 GDP. In the past seven years, the industry returned an average annual value of over GHC 35 billion,” Dr. Abdul-Hamid said.
Given the dynamic nature of the downstream petroleum industry, NPA is committed to using technology and innovation to remain competitive. Dr. Abdul-Hamid emphasized the importance of formulating and implementing innovative policies to ensure industry efficiency and consumer value.
He announced the introduction of a new transparent automatic price adjustment formula, replacing the current one. The new system will reform from an annual regulated price with special thresholds to a bi-weekly and daily regulated price system.
Dr. Abdul-Hamid also mentioned that the authority has declared zero tolerance for petroleum products with high sulfur content. Currently, countries like Ghana, Kenya, Tanzania, Uganda, and Morocco import fuels with a maximum sulfur content of 50 ppm, aiming for a cleaner and more sustainable environment.
