Government lost more than GH¢600 million in tax revenue in 2025 due to 199 million litres of unaccounted petroleum products, the latest Petroleum Product Analysis Report has revealed.
The report, compiled by the Chamber of Oil Marketing Companies, said the missing volumes, equivalent to 2.1 percent of total national petroleum supply, represent taxes, levies and regulatory charges that should have accrued to the state but were not properly captured.
The findings, based on a reconciliation of Ghana’s national petroleum stock, point to significant gaps in monitoring and accountability within the downstream petroleum sector.
The report provides a comprehensive assessment of petroleum supply and consumption trends between January and December 2025, with comparative data from 2024.
It highlights both national and regional performance indicators to guide policy formulation and market strategy.
According to the report, imports of petroleum products surged by 36.7 percent to 8.71 billion litres in 2025, up from 6.23 billion litres in the previous year, driven largely by increased commercial activity and domestic demand.
In contrast, domestic refinery output declined from 500,000 metric tonnes to 444,264 metric tonnes, reflecting persistent operational challenges in the refining subsector.
Petroleum exports, however, rose from 524,603 metric tonnes to 658,500 metric tonnes, largely comprising re-exports of petrol, diesel and LPG to neighbouring countries such as Burkina Faso, Mali and Togo.
Despite the growth in exports, the report raised concerns about the implications for Ghana’s exchange rate stability and national security, particularly in the context of heavy import dependence.
Imports accounted for more than 90 percent of total petroleum supply in 2025, exposing the country to global oil price volatility, foreign exchange pressures and potential supply disruptions.
The report attributed the unaccounted petroleum volumes largely to illegal activities within the sector, despite ongoing automation and regulatory interventions.
It also referenced concerns by the Chamber of Bulk Oil Distributors over frequent transfers of refined products from depots to certain modular refineries, which could create avenues for diversion and tax evasion.
To address these challenges, the Chamber of Oil Marketing Companies called for stricter monitoring and verification systems across the petroleum value chain.
It warned that the actual fiscal impact could exceed current estimates if loopholes persist.
Among its recommendations are the introduction of stricter export protocols, including a comprehensive export manual and requirements for export permits to be backed by confirmed letters of credit or verified payments through the Bank of Ghana.
The report also urged the National Petroleum Authority to develop clear guidelines for the transfer of refined products and to integrate all modular refineries into digital tracking platforms such as ERDMS and ICUMS.
Additionally, it proposed the deployment of real-time Automatic Tank Gauging systems and the submission of regular reconciliation reports to enhance transparency and accountability in petroleum stock management.
A Business Desk Report