According to the country's oil regulator, Ghana plans to purchase petroleum products from the Dangote Oil Refinery once the facility is operating at full capacity.

This was disclosed by the Chairman of the National Petroleum Authority, Mustapha Abdul-Hamid at the OTL Africa Downstream oil conference in Lagos.

According to Reuters, this move should it materialize will end Ghana's $400 million monthly fuel imports from Europe.

“If the refinery reaches 650,000 bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,” Hamid said.

He noted that importing from Nigeria would significantly reduce the price of other goods and services by removing freight costs.

He advised that African countries should agree on a common currency that will lessen the demand for the dollars.

Ghana’s economy, which grew by 6.9% year-on-year in the second quarter of 2024, has been driven largely by a strong expansion of the extractive sector which has boosted demand for fuel.

The Dangote Oil refinery, built by Nigerian billionaire Aliko Dangote, is expected to operate at near full capacity by the end of the year, and analysts believe it could be fully operational in the first quarter of 2025.