Mahama Orders Review of Dollar Payment for Crude Oil Sales

Ghana's President John Mahama has ordered a review of dollar payment for crude oil sales to ease pressure on the local currency. Under current rules, Ghanaian refineries must pay for crude in foreign currency, adding costs and putting pressure on the cedi.

The new policy would allow refineries like Tema Oil Refinery to pay for Ghana's own crude in local currency, following a similar model implemented by Nigeria in October 2024.

According to Energy Minister Dr. John Jinapor, President Mahama gave instructions to rethink the payment system after being told that it forced companies to buy US dollars on the market, putting pressure on the cedi and adding costs.