The Ghanaian government is exploring the possibility of importing fuel from the newly operational Dangote Refinery in Nigeria, with hopes of securing a more cost-effective supply for its domestic market.
Speaking at the OTL Africa Downstream oil conference in Lagos, Mustapha Abdul-Hamid,chairman of National Petroleum Authority Ghana highlighted the potential impact of the refinery’s capacity on Ghana’s fuel market.
“This could end monthly fuel imports from Europe of $400 million,” Abdul-Hamid said.
“If the refinery reaches 650,000 bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,” Abdul Hamid added.
Abdul-Hamid noted that importing from Nigeria would eliminate high transportation costs currently factored into European imports.
“The reduction in freight expenses would help bring down the prices of various goods, positively impacting Ghana’s broader economy,” he added.
Looking further ahead, Abdul-Hamid expressed optimism about deeper regional cooperation, including the establishment of a common currency to reduce reliance on the US dollar for trade within Africa.
“Such a currency could streamline transactions across the continent, helping stabilise fuel prices and reducing the need for costly foreign exchange,”Abdul-Hamid said.
