Ghana lost more than GH¢600 million in tax revenue in 2025 after 199 million litres of petroleum products were not accounted for, according to the 2025 Petroleum Product Analysis Report by Joy Business.
The lost revenue, which should have accrued to the state through taxes, levies, and regulatory charges, was linked to gaps in tracking petroleum imports and distribution.
The report, produced in collaboration with the Chamber of Oil Marketing Companies, estimates that the unaccounted volumes represent about 2.1 per cent of total national petroleum supply for the year.
It shows that petroleum imports rose sharply by 36.7 per cent to 8.71 billion litres in 2025, up from 6.23 billion litres in 2024, driven by strong domestic and commercial demand. However, local refinery output declined, highlighting operational challenges in the downstream sector.
Exports also increased to 658,500 metric tonnes, largely driven by re-exports of petrol, diesel, and LPG to neighbouring Sahel countries including Burkina Faso, Mali, and Togo.
Despite this growth in trade flows, the report warns that heavy import dependence—over 90 per cent of supply—leaves the economy exposed to global price shocks, foreign exchange pressures, and supply disruptions.
The analysis attributes the 199 million litres discrepancy partly to illegal diversion and weak monitoring across the value chain, despite ongoing automation reforms.
It also flags concerns raised by industry players over repeated transfers of refined products between depots and modular refineries, which may create opportunities for tax evasion and product diversion.
To address the gaps, the National Petroleum Authority and other stakeholders are being urged to strengthen monitoring systems and tighten export controls, including requiring verified letters of credit backed by the Bank of Ghana for export permits.
The report further recommends full integration of modular refineries into tracking systems, real-time tank monitoring, and stricter reconciliation of national petroleum stock data to improve transparency and reduce fiscal losses.
