Business Outlook Africa

: :
Facebook-f X-twitter Linkedin-in Youtube Instagram Tiktok
Menu

Energy

Chief Executive Officer of Star Oil, Kwame Tieku
Energy

Don’t Fill Up Your Tank Today — Star Oil CEO Warns Customers Amid Flooding

/

The Chief Executive Officer of Star Oil, Kwaku Tieku has cautioned its customers not to buy fuel or fill up their tanks today amid the current flooding situation. In a post made on Facebook on June 29,2926, Kwaku Tieku explained to customers that “floods are a big risk for water entering fuel underground tank” hence urging them not to buy fuel if not necessary. His post follows the heaviest single-day downpour of 140 millimetres of rainfall on June 29,2026 which caused severe flooding and displaced many Ghanaians. The rainfall which occurred on June 29,2026 has been described as the highest amount of rainfall recorded since 1995. Kwaku Tieku however assured customers and the general public that their teams “are constantly monitoring for water infiltration”. Star Oil Company Limited is a leading, wholly Ghanaian-owned Oil Marketing Company (OMC) which was established on October 7, 1998. It currently holds the distinction of being the oldest independent OMC in Ghana operating without foreign or state involvement. Over the years, Star Oil has expanded aggressively to become the country’s largest distributor of petroleum products, boasting a vast network of over 250 fueling stations nationwide.

Energy

GRIDCo, ECG Shut Down Mallam and Achimota Substations as Flooding Hits Critical Infrastructure

/

The Ghana Grid Company Limited (GRIDCo) and the Electricity Company of Ghana (ECG) have announced the temporary shutdown of the Mallam and Achimota Primary Substations, following severe flooding of critical electricity infrastructure across parts of the Greater Accra Region. In a joint press release dated 29th June, 2026, the two institutions stated that the torrential rainfall that is occurring has resulted in flooding at a number of important substations, which places electrical equipment and operational staff at risk.. Both GRIDCo and ECG stated that the decision to temporarily cut power supply from the affected substations was taken in the interest of public safety, to safeguard lives, protect property, and prevent further damage to the electricity network. The institutions also said that they would restore power to the affected substations only after they can assess conditions are safe enough to do so.. They cautioned the public that as heavy rains and flooding persist, power supply may be temporarily interrupted in other affected areas as a precautionary measure, with assessments of the transmission and distribution network ongoing.

Energy

NPA CEO Inaugurates Multi-Stakeholder Bitumen Technical Committee

/

The Chief Executive Officer of the National Petroleum Authority (NPA), Mr. Godwin Kudzo Tameklo has inaugurated a 16-member multi-stakeholder Bitumen Technical Committee to guide the use of bitumen in road construction . The inauguration which took place on June 17,2026 saw the 16-member committee being tasked with ensuring the development of a robust regulatory framework to guide the quality, regulation, and use of bitumen in Ghana’s road construction sector. The committee will be chaired by Mr. Abass Tasunti, Director of Economic Regulation and Planning (ER&P) at the NPA, with Ms. Bridgette A. Turkson, Acting Director of the Licensing Directorate serving as Co-Chair.   Other members include representatives from the NPA’s Quality Assurance, Licensing, Inspections Monitoring and HSE, and Economic Regulation and Planning Directorates, as well as key stakeholders from the Ghana Highways Authority (GHA), Ghana Standards Authority (GSA), Ghana Revenue Authority (Customs Division), and the Ministry of Roads and Highways. The Bitumen industry though having existed in Ghana for several years still lacks a dedicated regulatory framework governing key activities such as importation, storage, transportation, distribution and quality assurance.  

Energy

PURC Collaborates with ECG and GRIDCo to Ensure Reliable Power Supply for Consumers During the 2026 FIFA World Cup

/

As the nation prepares for the excitement of the 2026 FIFA World Cup, the Public Utilities Regulatory Commission (PURC) is taking proactive steps to safeguard the interests of electricity consumers. To ensure that football fans across the country enjoy an uninterrupted viewing experience, the Commission convened a strategic alignment meeting on Tuesday, 9th June 2026, with leadership of Ghana Grid Company (GRIDCo) and the Electricity Company of Ghana (ECG). The meeting focused on reviewing preparedness plans and aligning operational measures for seamless system operations throughout the World Cup period. The Executive Secretary of PURC, Dr. Shafic Suleman, outlined a strict follow-up framework to monitor performance closely and to ensure strict regulatory oversight on quality of service: • Active Monitoring: The PURC’s Energy Services and Performance Monitoring (ESPM) and Regional Operations and Consumer Services (ROCS) Directorates are collaborating to actively monitor power supply reliability and service quality. • Direct Coordination: The Commission is obtaining direct contact details of key technical personnel from both utilities to facilitate instant regulatory intervention during emergencies. • Unified Messaging: PURC has directed GRIDCo and ECG to maintain a joint stakeholder communication framework for maximum public accountability. Streamlined Utility Commitments
The utility service providers outlined concrete operational measures to the Commission to maintain network stability: Electricity Company of Ghana (ECG):
The Ag. Managing Director of Electricity Company of Ghana (ECG), Ing. Kwame Kpekpena, outlined the following measures: • Suspended Maintenance: All planned maintenance should be halted and that work should only be restricted to emergency fault rectifications. • Standby Teams: Technical teams and contractors would be stationed near heavy-demand centres for rapid response. • Asset Protection: Service Providers should partner with National Security for increased surveillance around critical infrastructure. • Consumer Updates: Service Providers should prioritise public announcements to assure consumers of prompt fault restorations. Ghana Grid Company (GRIDCo):
The Chief Executive Officer of GRIDCo, Ing. Frank Otchere, outlined the following measures: • Grid Fortification: All identified hotspots within the electricty network should be addressed, and all non-critical planned maintenance should be deferred. • Vegetation Management: Intensify bush clearing along transmission lines, which has been ongoing since May 2026. This is to prevent any tree branches falling over electricty lines, thereby affecting quality of supply. • 24/7 Operations: All major substations will be physically manned around the clock, with Area Managers deployed for swift resolution of issues. • Generation Alignment: Optimized generation schedules have been finalised with power-producing companies. Dr. Suleman commended both ECG and GRIDCo for coming out with such proactive and consumer-centric measures to provide reliable power supply to the Ghanaian consumers. This is a signal of intentional efforts to serve and protect the interest of the Ghanaian consumers. The PURC remains fully committed to protecting consumer rights. The Commission would continue to monitor operations of the service providers and is on standby to address in a timely manner any unforseen issues that may come up. Source: https://purc.com.gh/news-det/635782014

Energy

TOR Records First Profit In A Decade As SIGA Commends Historic Financial Turnaround

/

The State Interest and Governance Authority(SIGA) has commended the Board, Management and staff of Tema Oil Refinery(TOR) for its submission of its Audited Financial Statements for the past 7 years . In a statement released on Monday, March 1,2026, the authority explained that the subimission of Audited Financial Statements by TOR is a step in the right direction considering the fact that the State Agency had not published its Audited Finacial Report since December 2019. SIGA also commended TOR for recording a Profit Before Tax of GHS 1.24 billion in the 2025 Financial Year, the refinery’s first ever profit recorded in the past 10 years. SIGA further highlighted several notable performances underpinning the turnaround, including strong revenue growth representing TOR’s best financial performance since 2019, a foreign exchange gain of GHS 1.3 billion from prudent financial and forex management, and growth in associate profit to GHS 155 million. The refinery also reduced trade and other payables from GHS 7.1 billion in 2024 to GHS 5 billion in 2025, while receivable days improved significantly from 1,099 days to 652 days. Total debt levels also declined between 2024 and 2025.Additionally, TOR successfully completed Turnaround Maintenance (TAM) activities, refining approximately 600,000 barrels of crude oil. Despite the progress, SIGA acknowledged that liquidity pressures, retained deficits, and long-term balance sheet restructuring remain areas of concern. The Authority urged TOR’s Board and Management to sustain momentum, deepen operational efficiencies, strengthen corporate governance standards, and accelerate efforts toward long-term profitability and national energy security. SIGA reaffirmed its commitment to supporting all Specified Entities that demonstrate accountability and measurable performance outcomes aligned with Ghana’s national development priorities.

Energy

NPA Releases Ex-Pump Price Floors For June 1–15, 2026

/

The National Petroleum Authority (NPA) has announced the Ex-Pump Price Floors for the period June 1 to 15, 2026, setting the minimum prices below which no Oil Marketing Company (OMC) or LPG Marketing Company (LPGMC) is permitted to sell petroleum products. Under the new window, petrol must not be sold below GHS 15.20 per litre, while diesel carries a floor of GHS 15.49. LPG has been set at a minimum of GHS 13.48 per kilogram, MGO Local at GHS 15.67, and Kerosene at GHS 14.81 per litre. The NPA has directed all OMCs and LPGMCs to strictly comply with these price floors as per the Petroleum Products Pricing Guidelines (PPPG). Compared to the May 16–31 window, petrol has risen by GHS 0.60, LPG by GHS 0.32  while diesel, MGO Local and kerosene floors have declined by GHS 0.32,GHS 0.32 and GHS 0.52 respectively.

Energy

GOIL PLC Records GH₵90,672,000 Net Profit in 2025 Despite Revenue Decline

/

Ghana’s leading downstream petroleum company, GOIL PLC, has recorded a net profit after tax of GH₵90,672,000 for the 2025 financial year representing a 7.04% increase from the GH₵84,698,000 posted in the corresponding period of 2024. According to the company’s 2025 consolidated financial statements even though net profit increased by 7.04% gross revenue however decreased by 8.91%,falling from GH₵20,364,600,000 in the 2024 financial year to GH₵18,549,204,000 in the 2025 financial year. On operating expenses,staff, selling and administrative expenses declined from GH₵488,336,000 to GH₵456,924,000 while depot and station expenses fell from GH₵159,660,000 to GH₵142,407,000, contributing to an operating profit before financing costs of GH₵230,020,000 compared to GH₵244,919,000 in the prior year. On the balance sheet, GOIL’s total assets grew marginally from GH₵4,808,209,000 to GH₵4,881,934,000, supported by growth in property, plant and equipment which rose from GH₵1,630,174,000 to GH₵1,781,759,000 — reflecting continued investment in the company’s infrastructure and service network. Total equity strengthened from GH₵894,082,000 to GH₵991,541,000, driven by retained earnings which climbed from GH₵643,215,000 to GH₵707,662,000. Total liabilities for the period also decreased by GH₵23,734,000 falling from GH₵3,914,127,000 in 2024 to GH₵3,890,393,000 in 2025. The improved bottom line translated into better returns for shareholders. Earnings per share rose to GH₵0.231 from GH₵0.216 in 2024, while dividend per share increased to GH₵0.060 from GH₵0.056.

Energy

Zen Petroleum Eyes Market Leadership in 5 Years-Board Chairman

/

The Board Chairman of Zen Petroleum,Mr Frank Adu has signaled ambitious growth plans following the company’s listing on the stock exchange, vowing to challenge established players in Ghana’s downstream petroleum sector. Speaking after the listing which took place on Wednesday April 22,2026,Mr Adu stated that the company could close the gap on its four larger competitors in the industry in less than five years. He added that the company intends to grow its network of fuel stations significantly, describing the capital raised through the listing as the financial engine behind an accelerated rollout. “We will overtake them. I think that is a process. You know, we started off basically in being a box of masterminds.Downstream, now we are building a network of these stations. Part of the reason we raised all this money is that we roll out a lot more than we did. So, you give us some time.We will get there. 5 years, 4 years, 10 years? Probably less. Less.5 years or less. Probably less.” Mr Adu stated The chairman also distanced Zen Petroleum from industry concerns around product adulteration and regulatory compliance, pointing to the company’s partnership with Spanish energy giant Repsol as a guarantee of quality standards. “But I believe that most of the companies in the Downstream sector are responsible companies. You have the odd single station operator, etc. Who will bring in the bad products or something like that. But Zen Petroleum will not do something like that. You know, we have standards.We have international partners. You saw here, for instance, the Repsol. That’s an international company.We cannot do anything that would damage our image in our station. Because of that international relationship. So, yes, there will be problems. But we are not going to be one of those.”he added A self-described advocate of using capital markets to grow businesses having previously led the Ghana Stock Exchange, Mr Frank Adu framed the listing not as a one-off fundraising exercise but as part of a broader philosophy of building Zen Petroleum into a credible,institutional-grade downstream player.

Energy

ECG Completes Lashibi Primary Substation Upgrade

/

The Electricity Company of Ghana has announced the successful completion of the Phase 2 of the Government’s transformer Replacement and Upgrade Programme at the Lashibi Primary Substation. In a statement released on Thursday,April 16,2026 it explained that the project which was initially scheduled for completion on Friday,April 17,2026 was completed ahead of time due to amount of work put in by its technical team . It added that as a result of this power has been restored ahead of time to the affected areas. The company also added that it will soon undertake a nationwide replacement of aging transformers in affected areas to not only improve power supply but to also reduce frequent outages and reduce system overload. The company then assured the general public of its commitment to delivering improved and reliable electricity services to support Ghana’s development while’s noticing Ghanaians to stay alert for information on the next power transformer upgrade as it nears its finalization.

Energy

Government Announces Petroleum Relief For Consumers With 2 Cedis reduction per liter on diesel and 36 Pesewas reduction per litre on petrol.

/

The Government of Ghana has announced that effective ,Thursday April 16,2026 it will provide a relief package to ease the burden to petroleum consumers by absorbing GHC2.00 per litre on diesel and GHC0.36 per litre on petrol. In a statement issued on Wednesday, April 15 2026 by Spokesperson to the President and the Minister in Charge of Government Communications, Felix Ofosu Kwakye, he explained that love aims at reducing the cost burden on households, transport operators, and businesses. Felix Kwakye Ofosu added that the intervention which is expected to remain in operation for a period of one month comes at a short term response rising prices of petroleum products on the international market. He added that even though this intervention has been put in place,government will continue to monitor the international market and adjust its policies if the need arises highlighting the government’s commitment to supporting Ghana’s economic recovery in the face of external shocks.