NPA: Ghana builds fuel buffer offshore while gold prices support cedi stability

Ghana is holding significant volumes of petroleum products in waters off Lomé in neighbouring Togo, as authorities monitor the potential impact of tensions in the Middle East on global crude oil prices.

At the same time, rising international gold prices are providing additional foreign exchange support for the Bank of Ghana, helping to cushion the economy against possible increases in fuel import costs.

The Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Kudzo Tameklo, disclosed this during a panel discussion on The Key Points on Saturday, March 7, 2026.

He provided details of Ghana’s current petroleum supply position following the escalation of tensions in the Middle East the previous week.

“Currently, we are looking at almost 500,000 metric tonnes in Lomé waters,” Mr Tameklo said.

He explained that large vessels operated by international trading firms, including Trafigura, Glencore and BP, often anchor in Lomé because the port can accommodate deeper draft vessels. Smaller vessels then lift consignments of between 30,000 and 40,000 metric tonnes for onward delivery to Ghana.

Mr Tameklo said the stocks held offshore at Lomé are in addition to petroleum cargo already stationed at the anchorage near Tema.

According to him, Ghana currently has about four vessels at Tema carrying between 37,000 and 42,000 metric tonnes each. Combined, the cargo amounts to nearly 120,000 metric tonnes, which he said is roughly equivalent to about 50 million litres of petroleum products.

“If you have even four vessels and totally gives you almost 120,000 metric tonnes, that’s substantial,” Mr Tameklo said.

He said the NPA had also assessed a scenario in which no new imports arrive for several days while authorities monitor developments in the international market.

“When we did a projection some five days, seven days. It could even be more, but these are just rough estimates,” Mr Tameklo said, describing the present stock levels as among the highest cover recorded in recent years.

On domestic refining, Mr Tameklo said the Sentuo Oil Refinery was currently supplying about 30 per cent of Ghana’s petroleum requirements.

“Sentuo is helping us with 30 per cent of our domestic needs. Thirty per cent. So it has changed the dynamics now,” he said.

He added that the Tema Oil Refinery was also operational and that together the two facilities could account for close to 40 per cent of national demand, with the remaining 60 per cent supplied through imports.

“We have a 60 per cent shortfall which we are making up from foreign,” he said.

Mr Tameklo explained that about 80 per cent of Ghana’s petroleum imports come from European refineries, mainly through Rotterdam in the Netherlands, while roughly 20 per cent is sourced from the Arabian Gulf region, including the United Arab Emirates, Oman and Kuwait.

He noted that the current geopolitical tensions could pose challenges to supply routes through Europe, although rising crude oil prices driven by developments in the Middle East would affect Ghana’s import costs regardless of where refined products are sourced.

Mr Tameklo said the Dangote Refinery in Nigeria had also become an important supplier within the West African region.

“The presence of Dangote has changed the dynamics greatly,” Mr Tameklo said.

He noted that the refinery is producing about 650,000 barrels per day and exporting part of its output within the region. According to him, the NPA has engaged the refinery’s management and received assurances regarding crude supply availability over the next six months, including the option of emergency cargo deliveries if necessary.

“We have had much earlier engagement with him to see the best way in these circumstances. If it has to even do with emergency cargo deployments, we can always look at that,” Mr Tameklo said.

Mr Tameklo also pointed to rising gold prices as another factor supporting the country’s external position.

“We are looking at gold doing 5,300,” he said. “The more gold into the system, it helps also the exchange rates. So the flip side is that it gives BOG buffer to work the exchange rate and keep it a bit more stable for us.”

He clarified that he was not referring to a gold-for-oil arrangement. Rather, he explained that higher export earnings from gold strengthen the Bank of Ghana’s ability to manage the exchange rate and limit the impact of rising crude import costs on domestic fuel prices.

Mr Tameklo added that the NPA had also obtained forward supply assurances from the Sentuo refinery regarding crude imports for the next six months.

“Last year we engaged them and we got that. This year they have given us firm assurances of that reliability of crude,” he said.

He said the global energy outlook remains uncertain and that authorities are closely monitoring developments.

“The situation is still volatile. The situation is still fluid and we are keeping our eyes on this,” Mr Tameklo said, adding that officials receive daily updates on the situation.