Ghana is exploring a potential arrangement with Nigeria’s Dangote Refinery to secure finished petroleum products, as disruptions in global energy supply chains drive up fuel prices.

President John Dramani Mahama disclosed the move during a presidential dialogue with civil society organisations on Monday, citing the ongoing crisis in the Middle East and the blockage of the Strait of Hormuz as key factors tightening global fuel supply.

According to the President, the situation has significantly affected liquefied natural gas availability on international markets, particularly as major exporter Qatar faces disruptions. He explained that global demand had already been strained following the Russia-Ukraine War, which forced European countries to turn to alternative suppliers in the Middle East.

President Mahama noted that Ghana has gained some resilience by increasing its reliance on domestically produced gas instead of imported liquid fuels. He revealed that support for gas production from the ENI-operated Sankofa field—backed by a World Bank guarantee—has been restored to $500 million, leading to increased supply.

He added that Ghana is pursuing further investments in the energy sector, including a $2 billion agreement linked to the Jubilee Field to drill nearly 30 new wells and boost gas output. Plans are also underway to develop a second gas processing facility.

In addition, Italian energy firm ENI has committed to a $1.5 billion investment in the offshore Cape Three Points area, with a memorandum of understanding expected to be signed soon.

In the short term, however, the Dangote Refinery is being considered a viable option for stabilising fuel supply. President Mahama indicated that Ghana could assess Dangote’s pricing against global market rates and potentially enter into an agreement to import refined petroleum products.

He also highlighted the role of the Tema Oil Refinery in the country’s long-term energy strategy, noting that the facility is gradually resuming operations and has begun processing crude oil.

The President emphasised the need for Ghana to revive and expand its local refining capacity to reduce vulnerability to global supply shocks and strengthen energy security.