The Executive Director of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has issued a strong call for an urgent rethinking of Ghana’s oil and energy policy, warning that the current export-import petroleum model is eroding national economic gains and weakening the local currency.
Speaking at the 2025 Citi Business Forum in Accra, Amoah placed Ghana’s economic vulnerability at the centre of the discussion, shifting focus away from global tariff politics to what he called “the avoidable internal crisis” in the country’s energy value chain.
Rather than simply critique, Amoah presented a compelling case for a national turnaround strategy—one that leverages Ghana’s own hydrocarbon wealth to secure energy independence, strengthen the cedi, and stimulate job creation.
Crude Exports, Fuel Imports: A Policy Misfire
Amoah described it as economically “sickening” that Ghana continues to export its crude oil, only to import refined petroleum products at a staggering cost of up to $400 million per month.
“We’re bleeding foreign reserves and inflating the cost of living,” he said. “The tragedy is that we are strengthening the economies of the UK and the Netherlands by refining there, while weakening our own.”
Currency at Risk, Jobs at Stake
At the heart of Amoah’s criticism is the impact of petroleum import dependency on the Ghanaian cedi. By relying on dollars to purchase finished products abroad, Ghana is not only driving demand for foreign exchange but also exposing consumers to price shocks and inflationary pressures.
“We are importing inflation,” Amoah stated. “And when the cedi weakens, it’s the ordinary Ghanaian who pays the price at the pump.”
Local Refining as the Way Forward
Amoah proposed a radically different direction: empowering the Ghana National Petroleum Corporation (GNPC) to lead exploration, development, and refining initiatives domestically.
He called for investments in Tema Oil Refinery (TOR) and the establishment of additional refineries to close the loop from upstream production to downstream distribution—ensuring that Ghana retains more value across the oil and gas supply chain.
“If a leader will rise to say we’ll keep our blocs, refine our oil here, and make our own fuel, I’ll celebrate that leader. That’s what Ghana needs now—not slogans, but strategic action,” he said.
A Moral and Economic Imperative
In a moment of passionate critique, Amoah suggested that the mismanagement of Ghana’s petroleum potential deserves not just policy correction but moral reckoning.
“For me personally, Sharia law or Mosaic law must apply to our leadership,” he said, underlining his frustration with what he perceives as the avoidable squandering of national opportunity.
Policy Shift, Not Just Talk
The 2025 Citi Business Forum, themed “The Global Tariffs Dispute: Navigating Ghana’s Recovery Strategy,” brought together top voices in business and policy. But for Duncan Amoah, the recovery cannot happen without first fixing the fundamentals of energy sovereignty and resource control.
“We’re not poor,” he concluded. “We’re just choosing the wrong path.”
Amoah’s call is expected to reignite debate on the future of Ghana’s petroleum sector, with growing pressure on policymakers to implement reforms that serve the national interest over foreign dependence.
