Ghana

Ghana faces high energy security risk, importing 80% of its oil, with gasoline at $1.28/L and only 25 days of reserves. The current global oil crisis severely amplifies its existing debt crisis, making energy costs a critical burden despite low Hormuz exposure. The ongoing IMF program is crucial but will be tested by the sustained high cost of fuel imports and the +68% increase in fertilizer prices. The outlook for Ghana suggests continued economic pressure and the need for stringent fiscal management to navigate sustained high energy prices in the coming weeks.