Calls are growing for Ghana to strengthen its energy security as the fuel storage incentives debate gains urgency amid rising pump prices and global geopolitical tensions.
Executive Director of the Africa Centre for Energy Policy (ACEP), Ben Boakye, has urged government and industry players to prioritise in-country fuel storage and strategic reserves to protect the economy from future supply shocks.
His comments come at a time when local fuel prices have risen sharply, with petrol now selling at around GH¢13.30 per litre and diesel at approximately GH¢17.10 per litre at major stations.
Speaking on the issue, Mr Boakye warned that while Ghana may have significant storage infrastructure, it does not necessarily have enough petroleum products in reserve to withstand a prolonged disruption in imports.
“We are over-tanked, but we don’t have enough products at all times,” he said.
Fuel prices in Ghana have come under renewed pressure following revisions to the National Petroleum Authority’s pricing floors for the April 1–15 pricing window.
The increases have pushed petrol and diesel benchmark prices to some of their highest levels in recent memory, a development linked to international crude oil volatility, cedi depreciation, and uncertainty stemming from tensions in the Middle East involving the United States, Israel and Iran.
Under Ghana’s current pricing framework, changes in international crude prices are often passed directly on to consumers unless government intervenes. That has made the issue of stockpiling and supply security increasingly important.
Incentives proposed for private sector participation
Mr Boakye said Ghana should introduce deliberate fuel storage incentives to encourage private operators, including Bulk Distribution and Export Companies (BIDECs) and Oil Marketing Companies (OMCs), to hold more fuel within the country.
He noted that some operators prefer storing products in neighbouring markets such as Togo, where cost structures may be more attractive.
According to him, part of the solution could involve requiring a percentage of annual fuel trade to be kept locally as a strategic reserve for national use.
“Encouraging the private sector to store products in the country, through reduced charges and incentives, provides a buffer for us when we have hard times.” - Ben Boakye
Mr Boakye’s intervention comes amid broader questions about Ghana’s readiness to cope with extended supply interruptions if foreign shipments are delayed or halted.
With the country still heavily dependent on imported refined petroleum products, analysts say the absence of substantial strategic reserves leaves Ghana vulnerable to external shocks.
His comments are likely to add momentum to policy discussions around long-term energy resilience, especially as consumers continue to feel the impact of global disruptions at the pump.
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