The National Petroleum Authority announced in May 2023 that the nation was progressing towards fuel self-sufficiency.

This declaration came from Dominic Aboagye, Head of Planning at the Authority, during an interview with the media in Ho.

Read the full story originally published on May 10, 2023

The National Petroleum Authority (NPA) has highlighted Ghana's strides toward achieving fuel sufficiency. Dominic Aboagye, Head of Planning at the Authority, emphasized that strategic measures, including the innovative Gold for Oil Policy, have bolstered Ghana's position as a fuel supply hub in the sub-region.

Speaking to the media in Ho, covering the Volta and Oti Regions, Aboagye underscored the significance of initiatives like special international oil trading licenses, forex auctions, and the Gold for Oil Policy in ensuring a steady oil supply.

He also noted ongoing efforts to expand the nation's oil refining capacity.

Under the Gold for Oil Program, ten shipments of oil have been received, aimed at alleviating forex demands and supporting the sector's sustainability.

Additionally, the NPA has been facilitating the construction of a new oil refinery expected to meet half of the nation's demand.

Aboagye expressed the Authority's advocacy for the revival of the Tema Oil Refinery, signaling progress towards fuel sufficiency.

The NPA's Lycan Allocation Program ensures fuel availability, monitoring distribution and consumption trends for timely supply, even extending to West African countries.

A mix of policies and interventions has enabled the downstream petroleum sector to navigate challenges such as geopolitics, climate action policies, and forex liquidity risks. Through the Gold for Oil Program and Bank of Ghana interventions, along with vigilant monitoring, threats to supply are being managed effectively.

Edwin Yaw Konu, Volta Regional Manager of the NPA, highlighted challenges like fuel smuggling from neighboring Togo, affecting industry integrity and state revenue.

The NPA is collaborating with Togolese authorities and security agencies to address this issue.

The annual media engagement serves to keep stakeholders informed about developments in the downstream petroleum sector.

The consumer management team of the Authority is set to educate the public in the Region on fuel consumption patterns during this period.