Ghana Expands Petroleum Export Market with Senegal and Gambia Agreements
The National Petroleum Authority (NPA) has inked an agreement with Senegal and Gambia to export petroleum products from Ghana, adding to its existing clientele of Mali, Niger, Burkina Faso, Côte d’Ivoire, and Togo.
In 2023, Ghana re-exported and transited 385,154,100 liters of petroleum products to these neighboring countries.
Addressing the Ghana International Petroleum Conference (GhiPCon), themed “The Petroleum Industry: Building a Future for Growth, Efficiency, and Sustainability,” Dr. Mustapha Abdul-Hamid underscored the NPA’s success in curbing illicit fuel activities, reflected in the rising export volumes.
With over 3,000 registered service providers, the sector delivers more than four million metric tonnes of petroleum products annually, reinforcing its pivotal role in Ghana’s economy.
The industry’s monetary value in 2023 was estimated at over GH₵71 billion.
Dr. Abdul-Hamid emphasized the NPA’s commitment to leveraging technology and innovation to ensure efficiency and profitability within the sector while guaranteeing value for consumers.
The introduction of a transparent automatic price adjustment formula has shifted pricing from an annual regulated model with unpaid subsidies to bi-weekly and daily regulations.
Ghana, alongside Kenya, Tanzania, Uganda, and Morocco, now consumes low-sulphur fuels, with imports typically below 50 ppm, and local refineries are mandated to comply.
The NPA has rolled out several technology-based initiatives, including the petroleum marking scheme, bulk road vehicle tracking project, electronic cargo tracking system, and enterprise relational database management software, to enhance monitoring and ensure the integrity of petroleum product quality and quantity.
Energy Minister, delivering a speech on behalf of Vice President Dr. Mahamudu Bawumia, lauded the NPA for its strategic management of the “Gold for Oil” program and the Cylinder Recirculation Model (CRM), which have bolstered investor confidence.
He highlighted the importance of continued investment in infrastructure, cutting-edge technology, and supply chain resilience to secure Ghana’s energy future amid geopolitical tensions, technological advancements, and environmental concerns.
The Minister reaffirmed the government’s commitment to fostering policies that enhance local content, support capacity building, and create opportunities for Ghanaians.
This approach aims to ensure the equitable distribution of resource benefits and the development of the local workforce and businesses.
