Here's how much Ghana lost in tax revenue from unaccounted fuel products

Government lost more than GH¢600 million in tax revenue in 2025 due to 199 million litres of unaccounted petroleum products, according to the 2025 Petroleum Product Analysis Report.

The report indicates that the lost revenue, expected from taxes, levies, and regulatory charges on imported petroleum products, was not properly accounted for.

The Chamber of Oil Marketing Companies estimates that the unaccounted volumes represent 2.1 percent of the country’s total petroleum supply for the year.

The report examines Ghana’s petroleum supply and consumption trends from January to December 2025, with comparisons to 2024, highlighting key national and regional patterns relevant for policy and market planning.

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Per the report, petroleum imports rose by 36.7 percent to 8.71 billion litres in 2025, up from 6.23 billion litres in 2024, driven by strong domestic and commercial demand.

In contrast, domestic refinery output declined from 500,000 metric tonnes to 444,264 metric tonnes, reflecting operational challenges in the refining sector.

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Exports increased from 524,603 metric tonnes to 658,500 metric tonnes, largely consisting of re-exports of petrol, diesel, and LPG to regional markets such as Burkina Faso, Mali, and Togo.

Despite rising exports, the report warns of risks to the exchange rate and national security due to Ghana’s heavy reliance on imports, which accounted for over 90 per cent of total petroleum supply.

This dependence exposes the country to global price volatility, foreign exchange pressures, and supply chain disruptions.

The unaccounted 199 million litres were identified through a reconciliation of national petroleum stocks.

The report attributes the losses largely to illegal activities within the sector, despite ongoing automation and regulatory efforts.

Concerns have also been raised about frequent transfers of refined products from depots to some modular refineries, which may create opportunities for diversion to retail outlets to evade taxes.

The Chamber of Oil Marketing Companies is calling for stricter monitoring across the petroleum value chain and warns that the actual fiscal impact may exceed current estimates.

It recommends tighter export controls, including requiring confirmed letters of credit or verified payments through the Bank of Ghana before permits are issued.

The Chamber also urges regulators, including the National Petroleum Authority (NPA), to establish clearer guidelines for product transfers and to integrate all modular refineries into tracking systems such as ERDMS and ICUMS.

Additionally, it proposes regular reconciliation reporting and the deployment of real-time Automatic Tank Gauging systems across depots and refineries to improve transparency and accountability.

SO/MA

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