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Ghanaians Warned to Brace for Possible Fuel Price Hikes Amid Escalating Middle East Conflict

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Accra, Ghana – March 3, 2026 – Ghanaian motorists and households have been cautioned to prepare for potential increases in petroleum product prices as the ongoing US-Israel-Iran conflict continues to destabilise global energy markets, according to industry leaders.

Dr. Riverson Oppong, Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), told the Business & Financial Times (B&FT) that while Ghana currently faces no immediate risk of fuel shortages, prolonged geopolitical instability in the Middle East will inevitably drive up costs for consumers.

“The impact on Ghana will obviously be reflected in rising prices. There will certainly be a surge,” Dr. Oppong said.

He explained that Ghana remains a net importer of refined petroleum products, sourcing more than 60% of its domestic needs externally despite local production from the Jubilee and TEN fields and partial refining at the Tema Oil Refinery (TOR).

The warning follows the opening of the first pricing window for March (March 1–15, 2026), which already recorded marginal increases: petrol projected to rise 2.89% to approximately GH¢12.04 per litre, diesel up 0.86% to GH¢13.22 per litre, while LPG is forecast to dip slightly to GH¢13.87 per kg. The National Petroleum Authority (NPA) confirmed the price floor adjustments, with petrol now at a minimum of GH¢10.46 per litre (up from GH¢10.24) and diesel at GH¢11.42 per litre.

Dr. Oppong and other experts attribute the upward pressure to Brent crude’s surge past US$80 per barrel in early March trading—spiking more than 10%—driven by fears of supply disruptions through the Strait of Hormuz, through which about 20% of global crude flows. Recent attacks by Iran’s Islamic Revolutionary Guard Corps on oil tankers in the Gulf, combined with the shutdown of a major refinery in Qatar (capacity 550,000 barrels/day) and damage to infrastructure in the UAE, Saudi Arabia, and Kuwait, have tightened supply expectations.

Justice Ohene-Akoto, CEO of the African Sustainable Energy Centre, warned that four additional price hikes could occur in the coming weeks if tensions persist. He noted that even regional refineries like Dangote in Nigeria are unlikely to offer discounted prices to neighbours, meaning premium global rates would still apply.

Both leaders pointed to Ghana’s limited refining and storage capacity as a structural vulnerability. Dr. Oppong lamented that a fully operational large-scale refinery could transform Ghana into a net exporter, earning foreign exchange and ensuring availability. He urged the government to consider temporary relief measures, such as suspending or reducing the Price Stabilisation and Recovery Levy (PSRL), to cushion consumers from the expected cost surge.

The National Petroleum Authority has reassured the public that operational buffers—regular imports, daily discharges, TOR output, and Atuabo LPG production—will prevent shortages, but affordability remains the critical challenge. With Brent crude potentially climbing toward US$90 if the Strait of Hormuz faces further threats, Ghana’s import-dependent fuel market remains highly exposed.

Industry stakeholders and consumers alike are watching global developments closely, as any prolonged disruption could quickly reverse recent gains in inflation control and cedi stability.

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‘Afritude’ to the World! Meet The Woman Buiding Africa’s First Global Sports Brand

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For decades, African nations have produced world-class athletes and champions on the global stage. But according to one entrepreneur, the continent has yet to produce the one thing that could transform its sports economy: a world-class brand of its own.

Nina Baksmaty Djamson, founder of Afritude, is on a mission to change that. Her company is attempting to disrupt the global sports industry through fashion, designing and manufacturing athletic apparel on the African continent for African teams—and, she hopes, eventually for the world.

“Africa has produced world champions. Now it’s time to produce world-class sports brands,” Djamson wrote in a social media post announcing the venture. “For too long we’ve worn everyone else’s story. Afritude is our attempt to change that. Not just to play the game. To own it.”

From Consumer to Creator

In a video accompanying the announcement, Djamson laid out the problem she sees at the heart of African sports culture.

“My name is Nina, and I’m the woman trying to disrupt the global sports industry through fashion,” she said. “For decades, every time we wear Nike, Adidas, or Puma, we are promoting somebody else’s culture, building someone else’s economy, and advertising someone else’s story, often for free.”

The question she asked herself was simple but profound:

What would it look like if Africa built its own?”

The answer is Afritude.

Designed in Africa, Made in Africa

According to Djamson, Afritude has already designed World Cup jerseys for three African countries. Crucially, she says more than 90% of the company’s spending has gone directly back to people on the African continent—from production and manufacturing to creative talent.

“This is not charity,” Djamson emphasized. “This is ownership. This is dignity. This is representation.”

The model stands in stark contrast to the traditional sports apparel industry, where global giants manufacture in low-cost countries outside the continent while selling branded merchandise to African consumers. Afritude aims to keep both the creative and economic value within Africa.

Playing With Dignity

Before becoming a major company, Afritude is already preparing to give back. Djamson announced that the brand plans to donate more than a thousand “chain guards and chain socks” to children.

“Every child deserves to play with dignity,” she said.

The gesture reflects a broader philosophy: that sports apparel is not just about performance or fashion, but about self-respect and representation. For young athletes across the continent, wearing locally designed and locally made gear could carry a different kind of meaning.

An Invitation to Own the Game

Djamson closed her announcement with a call to action directed at Africans everywhere.

“And if you believe Africa should build for itself, wear for itself, and profit from itself, welcome to Afritude,” she said. “Don’t forget to get your jersey.”

The brand’s website, www.Afritudeclo.com, features jerseys and apparel that draw on African aesthetics, colors, and design traditions. While still in its early stages, Afritude represents an ambitious attempt to carve out space for African-owned, African-made products in a global sports market dominated by Western and Asian conglomerates.

A Bigger Movement

Djamson’s initiative aligns with a growing pan-African movement toward economic self-determination. From music and film to fashion and technology, a new generation of African entrepreneurs is asking not just for a seat at the table, but for the ability to build their own tables.

In sports, where Africa’s talent has long been celebrated while its economic returns have often flowed elsewhere, Afritude offers a different vision: one where the continent’s athletes wear their own stories, advertise their own economies, and profit from their own success.

“Africa has produced world champions,” Djamson wrote. “Now it’s time to produce world-class sports brands.”

The game, she believes, is just beginning.

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US Eyes AI, Drones, and Rural 5G as Next Frontier in Ghana Partnership

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The United States is positioning emerging technologies including artificial intelligence, drone logistics, and rural 5G connectivity as the next frontier in its bilateral relationship with Ghana.

The move signals a strategic shift from traditional aid toward investment-driven partnership, Chargé d’Affaires Rolf Olson has announced.

Speaking at a celebratory event marking the 250th anniversary of American independence, Olson declared that the U.S.-Ghana relationship is entering a new phase defined by “not dependence, but resilience” and “a two-way exchange of investment, innovation, and expertise.”

Chargé d’Affaires Rolf Olson delivering remarks at the 250th Independence Day Celebration in Accra on June 10, 2026.

While acknowledging ongoing changes to the US foreign assistance framework, he emphasized that America remains the largest financial contributor to health emergencies across Africa — including $200 million to the current Ebola response — but pointed to commercial technology ventures as the model for future collaboration.

“As we greet this next phase of our partnership, we see enormous potential for U.S.-Ghana collaboration and commerce in emerging sectors – from digital technology to artificial intelligence, from advanced agriculture to cutting-edge energy techniques,” Olson told an audience of government officials, diplomats, and business leaders in Accra. “Ghana’s young innovators are positioned well to seize these types of opportunities.”

The Chargé d’Affaires highlighted concrete examples of technology-driven partnerships already underway.

He cited Zipline’s drone delivery network, which has completed 800,000 medical deliveries in Ghana since 2019, saving an estimated 10,000 lives, including 1,600 through emergency transport of snake anti-venom alone.

He also revealed US support for deploying “cutting-edge wireless technology at hundreds of base stations across Ghana,” aimed at expanding rural connectivity and bridging the digital divide across West Africa.

Olson framed the vision within a broader narrative of economic self-sufficiency, noting that more than 100 American companies are active in Ghana across energy, technology, and agriculture.

He pointed to Newmont, the single largest taxpayer in Ghana, where 99% of the workforce, including the Country Manager, is Ghanaian. Bilateral trade in goods and services reached approximately $4 billion last year, a figure Olson said “can grow.”

The diplomatic push comes alongside deepened security cooperation. Olson confirmed that just this week, US law enforcement handed over Sedina Tamakloe Attionu to Ghanaian authorities, fulfilling an extradition request, while Ghana has extradited multiple individuals wanted in the US for cyber-related fraud that has stolen tens of millions of dollars from American victims.

Reflecting on the historical ties that bind the two nations, from Richard Nixon meeting Martin Luther King Jr. in Accra in 1957 to Ghana being the first country to welcome Peace Corps volunteers in 1961, Olson concluded that the relationship is now mature enough to pivot toward technology, trade, and mutual resilience.

“Two hundred and fifty years into America’s independence and nearly 70 years into Ghana’s, we look to the future with optimism, confidence, and renewed purpose,” he said.

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How Ghana Is Selling Itself as Africa’s Factory Floor for Belarus

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President John Dramani Mahama has positioned Ghana as a manufacturing and distribution gateway for Belarusian industry, pitching the country as a strategic entry point to Africa’s unified market of 1.4 billion people under the African Continental Free Trade Area (AfCFTA).

Speaking at the maiden Ghana–Belarus Business Forum in Minsk, President Mahama announced that Belarusian manufacturers of mining equipment will visit Ghana next week, following an agreement between both nations.

The visit signals a potential shift in how Belarusian heavy industry could serve African markets – not merely through exports from Eastern Europe, but through locally established operations within Ghana.

“The investors who establish operations in Ghana gain access not only to a domestic market of 34 million people, but also to the wider African market through the AfCFTA,” President Mahama told the forum. He noted that the trade bloc covers 1.3 billion people with a combined gross domestic product of US$1.3 trillion.

The President’s pitch rests on three pillars: market access, infrastructure investment, and regulatory stability. He highlighted Ghana’s US$10 billion five-year Big Push Infrastructure Programme, which prioritizes roads, railways, ports, airports, energy systems, and logistics networks.

These investments, he said, are designed to improve connectivity, reduce business costs, and enhance competitiveness for firms that establish local manufacturing or assembly operations.

“Investors today seek certainty, stability, and market access, and I can assure you Ghana provides all these three,” Mahama stated. “Our political credentials are strong, our legal and regulatory systems are transparent, investor protection is robust, and we guarantee repatriation of profits.”

The President also noted that Belarusian companies possess relevant expertise in transport infrastructure, power systems, industrial parks, logistics, road construction, railway development, and renewable energy – all sectors where Ghana is actively seeking foreign partnership.

For Belarus, a nation under sustained Western sanctions, deepening economic ties with Ghana offers an alternative channel to participate in one of the world’s fastest-growing continental markets. Rather than exporting finished mining equipment from Minsk, Belarusian manufacturers could establish assembly plants or joint ventures in Ghana, taking advantage of AfCFTA rules to distribute across the continent without the tariff barriers that would apply to direct exports from Europe.

President Mahama framed the opportunity in unequivocal terms: “For businesses seeking a strategic gateway into Africa, Ghana remains one of the continent’s most attractive destinations.”

The upcoming visit by Belarusian manufacturers will test whether that pitch translates into concrete investment. Industry observers will be watching for announcements on local assembly facilities, technology transfer agreements, and the scale of Belarusian commitment to Ghana’s industrialization agenda.

If successful, the partnership could serve as a template for how other non-African manufacturing nations – particularly those from Eastern Europe and Asia – use Ghana as a beachhead to serve the continent’s rapidly growing demand for industrial equipment, infrastructure inputs, and heavy machinery. If not, the visit may produce little more than diplomatic communiqués.

For now, Ghana has made its case. The next move belongs to Belarus.

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