Accra: The Ghanaian government suffered a significant financial setback in 2025, losing more than GHS600 million in tax revenue due to 199 million litres of unaccounted petroleum products. This alarming revelation comes from the 2025 Petroleum Product Analysis Report, which details how expected tax revenue from imported petroleum products was not properly accounted for.
According to Ghana Web, the Chamber of Oil Marketing Companies has highlighted that the unaccounted volumes represent 2.1 percent of Ghana's total petroleum supply for the year. The comprehensive report analyses the country's petroleum supply and consumption trends from January to December 2025, comparing them to 2024 data to identify crucial national and regional patterns for policy and market planning. Notably, petroleum imports surged by 36.7 percent, reaching 8.71 billion litres in 2025 from 6.23 billion litres in 2024, driven by increased domestic and commercial demand.
Despite the rise in imports, domestic refinery output experienced a decline, dropping from 500,000 metric tonnes to 444,264 metric tonnes, indicating operational challenges within the refining sector. Exports, however, saw an increase from 524,603 metric tonnes to 658,500 metric tonnes, primarily composed of re-exports of petrol, diesel, and LPG to regional markets such as Burkina Faso, Mali, and Togo.
The report raises concerns about Ghana's heavy reliance on imports, which constituted over 90 percent of the total petroleum supply, posing risks to the exchange rate and national security. This dependency makes the country vulnerable to global price fluctuations, foreign exchange pressures, and potential supply chain disruptions.
The unaccounted 199 million litres were discovered through a reconciliation of national petroleum stocks. The report attributes these losses mainly to illegal activities within the sector, despite ongoing efforts to automate and regulate the industry. Frequent transfers of refined products from depots to modular refineries have also raised concerns, as they might facilitate the diversion of products to retail outlets to evade taxes.
The Chamber of Oil Marketing Companies is advocating for stricter monitoring across the petroleum value chain, warning that the actual fiscal impact could surpass current estimates. It suggests implementing tighter export controls, such as requiring confirmed letters of credit or verified payments through the Bank of Ghana before issuing permits.
Moreover, the Chamber calls on regulators, including the National Petroleum Authority (NPA), to establish clearer guidelines for product transfers and to integrate all modular refineries into tracking systems like ERDMS and ICUMS. It also recommends regular reconciliation reporting and deploying real-time Automatic Tank Gauging systems across depots and refineries to enhance transparency and accountability.