Ghana is better insulated from fuel supply disruptions linked to the Iran conflict due to its diversified sources, including shipments from Russia.
A tanker carrying refined fuel from Russia is currently heading to Ghana, underscoring the continuity of supply flows. The Hellas Fighter loaded clean petroleum products at Vysotsk and is bound for Tema, the country’s main oil hub, according to ship-tracking data compiled by Bloomberg. The vessel was passing Mauritania on Tuesday with about 320,000 barrels onboard and is expected to arrive on April 6.
Russian shipments have helped Ghana meet domestic fuel demand for years. With limited refining capacity, the country remains reliant on imports. Russia was its second-largest supplier of petroleum products in 2023, accounting for about 18% of mineral fuel imports, according to trade data.
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“Ghana doesn’t rely on any particular country for fuel supplies,” said Abass Tasunti, Director of Economic Regulation and Planning at the National Petroleum Authority. He added that the country uses the Northwest Europe market as a benchmark for pricing. “Russia has never been the main source of products supplied to Ghana.”
Ghana’s diverse supplier base is a major advantage at a time of heightened risk across the continent. Even crude-producing countries like Ghana lack sufficient refining capacity to meet domestic demand, making imports critical.
Across much of eastern and southern Africa, countries are more exposed to disruptions due to their reliance on Middle Eastern fuel shipments—many of which have been constrained by the ongoing tensions affecting traffic through the Strait of Hormuz.
Early signs of strain are already emerging. Kenya and Zambia have reported fuel shortages, while Mozambique has experienced long queues at filling stations. Governments across the region are moving to contain rising pump prices.
Ghana, while not immune to global price pressures, continues to benefit from broader supply options. The Netherlands has been its largest fuel import source in recent years, while the refinery owned by Aliko Dangote in Nigeria is emerging as a closer alternative supplier.
“Dangote will be a good source of products to Ghana because of proximity,” Tasunti noted, adding that international oil trading companies continue to supply fuel without disruption. “The war has not had any impact on the number of IOTCs supplying products to Ghana.”