Oil imports reach US$3.73bn on rising demand
Ghana’s oil import bill climbed to USD3.73 billion in August 2025, reflecting a sharp increase in domestic energy demand and underscoring the country’s growing reliance on petroleum products for transportation, power generation and industrial activity.
The latest Bank of Ghana data show a significant jump compared to USD3.48 billion recorded in September 2024, pointing to continued upward pressure on the national energy import bill.
The pace of growth during 2025 has been striking. In March 2025, oil imports stood at USD1.27 billion.
By August, the figure had nearly tripled within five months, illustrating strong consumption tied to rising economic activity and mobility.
Year-on-year comparisons also highlight this trend. In 2024, oil imports increased from USD1.18 billion in March to USD3.13 billion in August.
Over the same period in 2025, imports jumped from USD1.27 billion to USD3.73 billion, showing that the growth rate has accelerated.
Economists note that while higher oil imports expand external expenditure, Ghana’s export earnings have so far provided a crucial buffer.
Non-oil imports, including machinery, industrial inputs and consumer goods, also rose to USD8.07 billion, reflecting steady industrial demand and household consumption.
The combination of rising oil and non-oil imports underscores a broader pattern of economic expansion and increased domestic production needs.
Strong commodity exports are helping to balance the books. Gold, cocoa and crude oil remain the country’s top foreign-exchange earners, with gold alone generating an impressive USD11.2 billion as of August 2025.
These robust export receipts helped Ghana maintain a healthy trade surplus of USD6.19 billion, offsetting the impact of higher fuel costs and supporting the stability of the cedi.
