Ghana less exposed to global oil disruptions -Fitch 

Ghana’s energy security is expected to remain stable despite global oil market tensions, supported by the resumption of operations at the Tema Oil Refinery.

A report by Fitch Solutions, an international rating agency, said the development would reduce the economy’s exposure to external supply disruptions.

The report said recent volatility in global energy prices, driven by geopolitical tensions in the Middle East and strained relations among major oil producers had raised concerns for import-dependent economies.

However, it said Ghana was relatively insulated following the restart of operations at the Tema Oil Refinery (TOR) in December 2025, after years of shutdown due to debt and maintenance challenges.

The report said the resumption restored domestic refining capacity and reversed Ghana’s recent position as a net oil importer.

“With TOR operational, Ghana is projected to be broadly oil-trade neutral or a modest net exporter in 2026, limiting the direct impact of global price spikes on the country’s trade balance,” it said.

It noted that the development was significant amid persistent risks of supply disruptions, including possible escalation in tensions between the United States and Iran, which could affect shipping routes and crude availability.

Data from the Ministry of Finance and the Bank of Ghana indicated that Ghana’s hydrocarbons trade position was nearing balance, suggesting that higher crude prices would not necessarily worsen the current account. Under favourable conditions, it said higher prices could boost export receipts from crude oil.

Consequently, the report projected Ghana’s current account surplus at about 4.2 per cent of GDP in 2026, above the historical average deficit recorded between 2010 and 2024. It said the surplus would support macroeconomic stability and ease pressure on the local currency.

The report said strong export earnings and prudent external financing had strengthened foreign exchange reserves, which stood at about US$14.4 billion at the end of the first quarter of 2026, equivalent to approximately six months of import cover.

It said the reserve buffers provided adequate capacity for the Bank of Ghana to intervene in the foreign exchange market in the event of external shocks, including those from global energy markets.

Meanwhile, sachet water producers in the Berekum Municipality of the Bono Region have defied government directives and have increased the price of sachet water in the Municipality.

During a visit in the Municipality, the Ghana News Agency (GNA) market survey team discovered that the producers had increased the wholesale price from GH?6 to GH?8 per bag, with retailers selling it at GH?9 instead GH?7.
Mr Kingsford Acquah, the General Secretary of the Berekum East Sachet Water Association told the GNA that the Association made the increments because of the escalating costs of raw materials.

He said the new price was necessary to save their businesses from collapse, despite the government recommendation to halt the increment.
“Though the government has requested a temporary freeze on price adjustments on sachet water for some negotiations, we have to do the increment to meet production cost,” Mr Acquah stated.

He said that: “If the government wants us to stop the increase, then they must also intervene to reduce the prices of our raw materials in the market. Without that there isn’t any way our producers are going to decrease the prices.”

Mr Acquah mentioned other factors like high electricity and utility bills, high regulatory fees and high cost of packaging materials as well as rising labour and distribution expenses that informed the increment.
He urged consumers to adapt to the changes, saying that the Association had been forced to do so and called on the government to also do something about the sharp increment in the cost of raw materials.

“Until the cost of doing the sachet water business is significantly reduced, the current rates will be in force to ensure the sustainability of our businesses in the Municipality,” Mr Acquah stated.

By Jibril Abdul Mumuni  

GNA 

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