The Petroleum Hub Development Corporation has stated that it is time for Ghana to draw lessons from the ongoing Middle East crisis by strengthening long-term energy security.
This includes increased strategic fuel reserves, local refining, and accelerated implementation of the petroleum hub project.
The corporation is, therefore, advocating for at least 90 days of fuel stock cover while prioritising investments in domestic refining capacity.
Deputy Chief Executive Officer in charge of Operations and Technical at the Petroleum Hub Development Corporation, Onasis Kobby Rosely, in an interview with Citi Business News on Sunday, March 22, 2026, stressed the need for Ghana to adopt a long-term strategy to mitigate exposure to external shocks.
He emphasised the importance of building adequate strategic reserves targeting a minimum of 90 days while addressing risks associated with global supply disruptions.
“The lesson for Africa, Ghana in particular, is to look at fuel security. OPEC requires a country to hold at least 90 days of stock. You need to have a stockpile of 90 days before you will be fuel secured.
“When the NPA Chief Executive spoke two weeks ago, the indication was that we have six weeks. Now it is two weeks. If we haven’t restocked, that means we have four weeks.
“I don’t know, I mean, I’m not with that side of it, so I don’t know to what extent that stock’s coming in. So for us to be fuel secure, that means we need a 90-day storage. Now we don’t have it yet. So the lesson is that we need to think long-term energy security, because all other countries are stocking,” he said.
Onasis Kobby Rosely added that current global developments highlight the urgency of building a more self-sufficient energy sector.
“We are so lucky to be producing, at the moment, 254,000 barrels a day with the three fields, which are the Jubilee, the TEN field, and the Sankofa fields. They are giving us 254,000. TOR’s capacity is 45,000. That is the optimum. 45,000 barrels a day. Sentuo does 36,000.
“I mean, they have the capacity to go 40,000. The other modular refineries, Akwaaba and Platon, do 13,000. So cumulatively, you realize if indeed we are going to internalize our fuel production to supply, to feed these refineries from the fields, then it will be beneficial to us,” he stated.
He also emphasized the need to fast-track the petroleum hub project and expand domestic refining capacity to reduce reliance on imports.
“What is happening in the Middle East gives rise to accelerated attention to the Petroleum Hub [project],” Onasis Kobby Rosely mentioned.
“Ghana consumes close to five million metric tons of fuel in a year. The Sahel, Burkina, Mali, Benin, they consume about four million metric tons a year. That amounts to like nine million metric tons, almost 10 million metric tons.
“So if you have the capacity to refine such an amount, with the prices of crude going high, you expect that at least you are selling to these Sahels at the same rate and earning some revenues. Then, again, you ensure that yours is stabilized to a certain appreciable price,” he subsequently added.
Escalating tensions in the Middle East continue to drive volatility in global crude oil prices, with spillover effects on import-dependent economies like Ghana.
This has already been reflected in upward adjustments in fuel prices during the second pricing window of March, with analysts warning of further increases in subsequent windows should the geopolitical situation persist.
Ghana risks long-term economic decline if northern poverty persists – Nii Moi Thompson
