Ghana to Begin Importing Petroleum from Dangote Refinery – NPAG Official

The National Petroleum Authority of Ghana (NPAG) has announced plans to import refined petroleum from Nigeria’s Dangote Refinery to bolster energy security and strengthen regional cooperation.

Speaking at the 2024 OTL Africa Downstream Energy Week in Lagos, Dr. Mustapha Abdul-Hamid, CEO of NPAG, said this collaboration would reduce Ghana’s dependence on higher-cost imports from Rotterdam, reinforcing both energy stability and economic ties with neighboring nations.

The OTL Africa event, in its 18th year, is themed “Alliances for Growth.”

Abdul-Hamid highlighted Ghana’s ongoing supply agreements with Burkina Faso, Mali, and Niger and noted that the large-scale output of Dangote Refinery could cover Nigeria’s domestic demand and provide surplus for Ghana.

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He emphasized regional partnerships, proposing a West African currency to mitigate foreign exchange pressures, particularly from dollar-based petroleum imports.

“Excessive reliance on the U.S. dollar for imports increases local currency volatility and consumer costs,” he explained, suggesting a shared West African currency similar to the Euro to stabilize exchange rates and strengthen trade.

He also cited Ghana’s pipeline infrastructure agreement with Burkina Faso as a cooperative model, emphasizing shared infrastructure investments to lower transport costs and minimize risks associated with road transport, such as banditry.

A Ghana-Burkina Faso pipeline, designed to replace tankers, aims to ensure consistent supply and cost savings.

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Ms. Oluwatosin Aina, Group Head of Energy at First Bank of Nigeria, echoed the need for currency reforms, noting that dollar-denominated transactions inflate costs across Africa.

She called for strengthened non-oil exports to increase FX inflows and suggested a unified currency model similar to that of Francophone Africa, where stable exchange rates reduce FX volatility.

Both Abdul-Hamid and Aina underscored the urgent need for regional infrastructure and currency alignment, asserting that harmonized fiscal and regulatory policies could enhance affordable, stable petroleum pricing across West Africa, benefiting citizens and promoting economic stability.

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