The Executive Director of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, is calling for a comprehensive reform of Ghana’s energy policy, warning that the country’s heavy reliance on imported refined petroleum products leaves the economy dangerously exposed to global market volatility.
Speaking on Saturday, June 14, Mr. Amoah cautioned that escalating tensions in the Middle East, particularly between Israel and Iran, are already driving up crude oil prices posing a serious threat to Ghana’s economic stability.
“There’s a lot of geopolitical tension. We cannot continue to be mere price takers and observers. It’s unsustainable for international oil firms to extract our hydrocarbons, refine them abroad, and then sell the finished products back to us at inflated prices,” he stated.
Mr. Amoah criticised the current structure of Ghana’s petroleum value chain, where crude oil is exported and re-imported as refined fuel often at great cost.
“We spend around $400 million monthly importing refined fuel. That must change. Ghana needs to take full control of its oil from extraction to refining if we want real energy security,” he added.
He urged Energy Minister John Jinapor to spearhead a shift in strategy, arguing that Ghana must stop being a passive player and become more self-reliant within the global energy landscape.
“If anyone can fix this, it’s the current minister. We’re calling on him to rethink and rebuild our energy systems so that we’re no longer at the mercy of international shocks,” he said.
Amoah’s comments follow President John Dramani Mahama’s directive to the Ministers for Finance and Energy to closely monitor the Iran-Israel conflict and assess its potential impact on Ghana’s petroleum pricing and economic outlook.
COPEC maintains that without bold policy changes, Ghana’s economy will remain highly vulnerable.
“Every time oil prices surge globally, our economy takes a direct hit. That should not be the case. We need buffers, and those start with refining capacity and strategic reserves,” Amoah stressed.