Ghana must pursue structural reforms across its petroleum and energy sector if it wants to achieve lasting fuel price stability and reduce its dependence on volatile global oil markets, according to energy expert Ing. Justice Ohene-Akoto.
The Executive Director of the Africa Sustainable Energy Centre said the government’s recent GH¢2 per litre reduction in diesel prices provides temporary relief but does not address the deeper weaknesses in Ghana’s fuel pricing and energy security framework.
Speaking on the Asaase Breakfast Show on Tuesday, August 4, he argued that the country needs a comprehensive long-term strategy rather than short-term interventions whenever international petroleum prices rise.
“We need a sustainable approach rather than being reactionary,” he said.
Ing. Ohene-Akoto called for the removal of what he described as unnecessary fuel levies, including the GH¢1 fuel levy, which he said industry stakeholders have consistently criticised.
He also urged the National Petroleum Authority (NPA) to review the petroleum pricing floor and allow greater flexibility for oil marketing companies to reduce prices where possible.
According to him, companies that can meet the required quality standards should be permitted to sell below the current floor price, with stronger regulatory oversight to protect consumers.
The energy expert argued that Ghana, as an oil-producing country, should be less exposed to international oil price shocks and should use its domestic petroleum resources to strengthen national energy security.
He said reforms were needed across the entire petroleum value chain, including crude oil production, royalty management, refining, storage and fuel distribution.
While welcoming the expansion of domestic refinery capacity, Ing. Ohene-Akoto stressed that local refining must translate into greater fuel self-sufficiency.
“We shouldn’t get to the point where we depend on global oil prices. Otherwise, we are not energy sovereigns,” he said.
He also called for greater investment in bulk petroleum storage infrastructure, arguing that increased storage capacity would help Ghana manage periods of international market volatility more effectively.
Beyond petroleum reforms, Ing. Ohene-Akoto urged the government to accelerate the transition to electric vehicles, biofuels and renewable energy, noting that about 90 per cent of Ghana’s transportation sector still depends on fossil fuels.
He said diversifying the country’s transport and energy mix would provide a stronger buffer against future global oil price shocks.
The energy expert identified four key priorities for reform: removing the GH¢1 fuel levy, revising the NPA pricing floor, expanding petroleum storage capacity and increasing domestic refining.
He further argued that any fuel price relief measures should also extend to petrol and liquefied petroleum gas (LPG), rather than focusing solely on diesel, as part of a broader strategy to protect consumers and strengthen Ghana’s long-term energy resilience.
