Godwin Edudzi Tamakloe, Acting Chief Executive Officer of the National Petroleum Authority (NPA), has assured Ghanaians that the country has enough crude oil stock to sustain national fuel needs for at least two months, even if global supply chains are disrupted due to tensions in the Middle East.
His comments follow Iran’s threat to shut down the Strait of Hormuz—a vital oil transit route—after a U.S. airstrike targeted Iranian nuclear sites over the weekend.
Speaking on TV3 New Day’s “The Big Issue” on Monday, June 23, 2025, Mr. Tamakloe stated,
“Thankfully, we have enough stock currently in the country that, even if we don’t receive any additional supply, we can still sustain the national demand for up to two months.”
The Strait of Hormuz, which lies between Iran and Oman, is a critical maritime chokepoint through which nearly 20 million barrels of oil—about 20% of the world’s daily supply—flow every day, according to the U.S. Energy Information Administration (EIA).
Oil prices spiked in response to the growing geopolitical tension, with Brent crude initially rising over 5% to $81.40 per barrel, before settling at around $77.94 on Monday.
Industry stakeholders in Ghana have expressed concern about the potential impact on fuel prices, as disruptions in the Strait could affect the cost and flow of global crude oil shipments, leading to domestic inflationary pressure.
In response to the unfolding crisis, the Government of Ghana has also indefinitely suspended the planned implementation of the GH¢1 fuel levy, which was aimed at boosting revenue for the energy sector.
Despite the volatility in international markets, Mr. Tamakloe reassured the public that the NPA and other relevant agencies are monitoring the situation closely and are prepared to take further steps to safeguard the country’s energy security.
He emphasized the importance of maintaining fuel stability and reiterated the NPA’s commitment to ensuring consistent supply, regardless of external shocks.
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