By John Ikani
Ghana could soon reduce its reliance on European fuel imports, potentially saving millions of dollars annually, as the country explores the possibility of sourcing petroleum products from Nigeria’s Dangote Oil Refinery.
Mustapha Abdul-Hamid, chairman of Ghana’s National Petroleum Authority, revealed that “once the refinery reaches its full capacity of 650,000 barrels per day, Nigeria may have surplus fuel that Ghana could import.
“This shift could significantly lower fuel costs for Ghana, as importing from a neighbouring country would eliminate the need for long-distance transportation from Europe.”
By reducing fuel costs, Ghana aims to positively impact the prices of other goods and services, as transportation costs are a major factor in overall pricing.
In addition, Abdul-Hamid suggested that a common African currency could further reduce dependence on the US dollar, potentially stabilizing the region’s economy.
Ghana’s robust economic growth, particularly in the extractive sector, has driven increased demand for fuel.
The Dangote Oil Refinery, a massive project led by Nigerian billionaire Aliko Dangote, is expected to be fully operational by the first quarter of 2025.
If successful, this refinery could reshape the regional energy landscape, providing a more reliable and cost-effective source of fuel for countries like Ghana.
