The Ghana National Petroleum Authority (NPA) has announced the removal of fuel subsidies in the country. This decision is part of a broader set of regulatory measures aimed at ensuring stability across Ghana’s downstream sector. The announcement was made by NPA Chief Executive Officer Abdul Hamid during a presentation at the ongoing Africa Refiners and Distributors Week 2023 in Cape Town, South Africa.
Hamid explained that the Ghanaian government, through the NPA, has also eliminated energy subsidies. “We have removed subsidies and deregulated our markets. Industries were shutting down because the government was finding it hard to find the money to provide subsidies, and to this day industry is being powered by investments in the private sector and there are no complaints of supply,” he said. He added that the removal of energy subsidies is intended to ensure affordability and security for vulnerable consumers.
The reforms were implemented in response to global oil and gas market volatility caused by the Russia‑Ukraine war and energy‑transition policies. “For the first time in 30 years, we have installed fuel caps as a measure to intervene and to control market instability,” Hamid disclosed. He also noted that the NPA has created a special fund to help refineries increase their capacity to 50 barrels of oil, aiming to meet the country’s growing demand.
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