Ghana lost more than GH¢600 million in tax revenue in 2025 due to 199 million litres of unaccounted petroleum products, according to the 2025 Petroleum Product Analysis Report sighted by Joy Business. The lost revenue, expected from taxes, levies, and regulatory charges on imported petroleum products, was not properly accounted for.
The Chamber of Oil Marketing Companies estimates that the unaccounted volumes represent 2.1 per cent of the country’s total petroleum supply for the year.
The report provides a comprehensive assessment of Ghana’s petroleum supply and consumption patterns from January to December 2025, with comparative insights from 2024. It includes national and regional data critical for market analysis and policy development.
Rising Imports and Declining Refinery Output
Petroleum product imports increased significantly in 2025, rising by 36.7 per cent to 8.71 billion litres from 6.23 billion litres in 2024, driven by strong domestic and commercial demand. In contrast, domestic refinery output declined from 500,000 metric tonnes to 444,264 metric tonnes, reflecting ongoing operational challenges within the refining sector.
Exports also recorded growth, increasing from 524,603 metric tonnes to 658,500 metric tonnes. These largely comprised re-exports of petrol, diesel, and LPG to regional markets, including Burkina Faso, Mali, and Togo. Despite this growth, the report raised concerns about potential implications for exchange rate stability and national security.
Imports accounted for more than 90 per cent of total petroleum supply in 2025, exposing Ghana to global oil price volatility, foreign exchange risks, and supply chain disruptions.
Unaccounted Volumes and Sector Risks
The report attributes the estimated losses to reconciliation discrepancies in national petroleum stock, revealing that 199 million litres could not be accounted for. Industry stakeholders link these losses primarily to illegal activities within the sector, despite existing automation and regulatory interventions.
Concerns have also been raised by the Chamber of Bulk Oil Distributors regarding the frequent transfer of refined products from depots to modular refineries. Such practices, the report suggests, may create opportunities for diversion of products to retail outlets to evade taxes.
The Chamber of Oil Marketing Companies warned that the fiscal impact could exceed current estimates, underscoring the need for stricter monitoring and improved accountability mechanisms across the petroleum value chain.
Recommendations for Reform
The Chamber has proposed several measures to address the challenges. These include the introduction of strict protocols governing petroleum exports to neighbouring countries, supported by a comprehensive export manual.
It also recommends that export permits be backed by confirmed letters of credit from international banks or verified payments through the Bank of Ghana.
Additionally, the Chamber is urging the National Petroleum Authority and other stakeholders to establish clear guidelines for the transfer of refined products from refinery tanks to commercial storage facilities.
Further recommendations include integrating all modular refineries into digital tracking systems such as ERDMS and ICUMS, deploying real-time Automatic Tank Gauging systems across depots and refineries, and instituting regular reconciliation reporting to enhance transparency in product movement.
The 2025 Petroleum Product Analysis Report provides a detailed overview of sector performance, highlighting emerging risks and the urgent need for regulatory and operational reforms.
