Ghana’s petroleum consumption rose 6% in 2023 due to stable prices; regional surges raise smuggling concerns, while LPG consumption increased 4%.
Ghana’s petroleum product consumption experienced a 6% increase in 2023, rising to 4.49 million metric tonnes from 4.22 million metric tonnes in 2022, according to the Ghana Chamber of Bulk Oil Distributors (CBOD) 2023 Industry Report.
The report attributes this growth to a decline in pump prices, supported by the relative stability of the Ghanaian cedi throughout the year. Of the total consumption, 99.8% was utilized by the non-power sector, with the power sector accounting for a mere 0.2%.
The Greater Accra Region remained the top consumer, representing one-third of the nation’s petroleum usage due to its economic prominence.
However, significant surges in consumption were observed in the Upper East (86%), Upper West (35%), and Northern (32%) regions. The CBOD raised concerns that these spikes might be indicative of smuggling activities.
Liquefied Petroleum Gas (LPG) consumption grew by 4%, reaching 317,465 metric tonnes in 2023, up from 305,076 metric tonnes in 2022.
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This recovery follows a challenging 2022, during which LPG prices skyrocketed by 84.6% due to the depreciation of the cedi. The improvement is linked to a revival in economic activities during 2023.
