Introduction Macroeconomic Insights Global Political Landscape Ghana’s Fiscal Position Technology & Cybersecurity Banking Industry Figure 14: Trend In Ghana’s Fuel Prices supporting potential future stabilization is the revamp and resumption of operations at the Tema Oil Refinery (TOR) in late 2025. By increasing local refining capacity, TOR is expected to reduce reliance on imported fuel and help moderate price volatility in 2026, all things being equal.
This indicates that while fuel prices have been volatile, the renewed TOR operations present a promising structural anchor for cooling fuel prices going forward From 2015 to 2021, Ghana’s diesel and petrol prices gradually increased, reflecting rising global oil prices and exchange rate pressures. Prices spiked sharply in 2022, with diesel reaching GHў19.61/litre and petrol GHў16.58/ litre, largely due to global supply disruptions and cedi depreciation. In 2023 and 2024, prices moderated Source: Bank of Ghana Online Database Portal somewhat but remained high, with petrol at GHў14.53/litre and diesel at GHў14.60/litre in 2024.
By October 2025, a slight downward adjustment was observed, with diesel at GHў13.67/litre and petrol at GHў13.11/litre. In 2026, the terms of trade outlook remains favourable but exposed to global volatility. Banks must therefore manage concentration risks in commodity linked lending while leveraging improved FX inflows to expand trade finance and transaction banking services. A significant development Ghana Association of Banks Ghana Association of Banks 2026 Industry Outlook 2026 Industry Outlook 13