Ghana Loses Big as 199m Litres of Fuel Costing GHS 600m in Revenue go Unaccounted for in 2025
Government lost more than GH¢600 million in tax revenue in 2025 due to some 199 million litres of unaccounted petroleum products, according to the 2025 Petroleum Product Analysis Report.
The foregone revenue—expected from taxes, levies and other regulatory charges on imported petroleum products—was not realised due to gaps in accounting for product volumes across the downstream sector.
Data from the Chamber of Oil Marketing Companies shows that the unaccounted volumes represent 2.1 per cent of Ghana’s total petroleum supply for the year.
The report, which provides a comprehensive assessment of petroleum supply and consumption trends from January to December 2025, also includes a comparative analysis of 2024, alongside national and regional breakdowns to inform market strategy and policy direction.
Imports surge amid refinery decline
Petroleum product imports rose sharply by 36.7 per cent year-on-year to 8.71 billion litres in 2025, up from 6.23 billion litres in 2024, largely on the back of strong domestic and commercial demand.
In contrast, domestic refinery output declined to 444,264 metric tonnes from 500,000 metric tonnes in the previous year, underscoring persistent operational constraints within the refining subsector.
Exports, however, increased to 658,500 metric tonnes from 524,603 metric tonnes in 2024. The exports—largely re-exports of petrol, diesel and LPG—were destined for regional markets such as Burkina Faso, Mali and Togo.
Despite the growth in export volumes, the report raised concerns about the implications for exchange rate stability and national security, particularly given Ghana’s heavy reliance on imports.
Indeed, imports accounted for over 90 per cent of total petroleum supply in 2025, exposing the economy to global oil price volatility, foreign exchange pressures and supply chain risks.
Reconciliation gaps and illegal diversion flagged
According to the Chamber, the estimated losses were derived from a reconciliation of national petroleum stock, which revealed the 199 million litres discrepancy.
The report attributes the shortfall largely to illegal activities within the sector, despite ongoing automation and regulatory reforms.
The Chamber of Bulk Oil Distributors has, over the years, raised concerns over frequent transfers of refined products from depots to modular refineries—a practice that could facilitate diversion of products to retail outlets and subsequent tax evasion.
The Chamber of Oil Marketing Companies has therefore called for tighter monitoring of petroleum stocks across the value chain, warning that the fiscal losses could exceed current estimates without enhanced oversight.
Policy recommendations
To address the gaps, the Chamber is advocating stricter export controls, including the development of a comprehensive export manual and enforcement of protocols requiring export permits to be backed by confirmed letters of credit from international banks or verified payments through the Bank of Ghana.
It also urged the National Petroleum Authority and other stakeholders to establish clear guidelines governing transfers of refined products from refinery tanks to commercial storage facilities.
Further recommendations include integrating all modular refineries into tracking systems such as ERDMS and ICUMS to monitor inflows, production and outflows, alongside the deployment of real-time Automatic Tank Gauging systems across depots and refineries.
The report also proposes periodic reconciliation of petroleum stocks, with mandatory submission of reports to the regulator to improve transparency and accountability in the sector.
The findings highlight growing structural and regulatory risks within Ghana’s petroleum downstream industry, reinforcing calls for stronger oversight to safeguard public revenue and ensure supply chain integrity.
