Ghana should pursue closer energy ties with Nigeria to secure cheaper crude supplies and mitigate the impact of rising global oil prices on domestic consumers, according to economist Professor William Peprah.
The recommendation comes as the West African nation grapples with elevated fuel import costs that are straining household budgets and business operations.
The call for regional cooperation follows recent moves by Ghana’s National Petroleum Authority to raise the minimum price floor for fuel, setting petrol at GH¢ 13.28 and diesel at GH¢ 14.35 effective July 16.
This adjustment reflects a direct pass-through of higher international energy costs to the local market, exacerbating inflationary pressures.
The Confederation of Ghanaian Chambers of Commerce (COPEC) has previously urged the government to prioritize a strategic fuel reserves programme, citing volatile global oil prices as a significant risk to domestic economic stability.
Peprah’s suggestion to leverage Nigeria’s larger refining capacity and crude output offers a potential pathway to reduce dependency on more expensive distant suppliers.