Despite years of policy talk and advocacy about promoting local production and reducing over-reliance on foreign goods, Ghana’s import bill continues to soar, questioning the effectiveness of import-substitution talks.
Latest data supplied by the Bank of Ghana reveals the country’s import bill crossed the US$11.8 billion mark in just the first eight months of 2025.
According to the BoG’s September 2025 Monetary Policy Report, total imports rose by 15.5 percent, from US$10.22 billion in the same period of 2024 to US$11.80 billion this year.
The increase was driven by higher demand for both oil and non-oil products, underscoring the country’s stubborn dependence on imported goods despite repeated government pledges to encourage “Made in Ghana” consumption and production.
The data reveals that oil imports alone amounted to US$3.73 billion, a 19 percent jump compared to 2024, largely due to the increased demand for refined petroleum products.
“Ghana’s total import bill rose by 15.5 percent to US$11.80 billion in the first eight months of 2025 from US$10.22 billion in the corresponding period in 2024, driven by increases in both oil and non-oil imports. Oil imports amounted to US$3.73 billion, up by 19.0 percent compared to the same period in 2024, mainly due to increased demand for refined petroleum products,” portions of the report cited by The High Street Journal read.
Industry players such as the Chamber of Petroleum Consumers (COPEC) have, over the years, questioned why Ghana continues to import huge volumes of refined petroleum while the country refines its own products. Duncan Amoah, the Executive Secretary of COPEC, cannot fathom why the Tema Oil Refinery cannot be revamped to refine the country’s crude to reduce importation.
Non-oil imports, covering items such as machinery, vehicles, food products, and raw materials, also grew by 13.9 percent, rising to US$8.07 billion from US$7.08 billion in the same period last year.
“Non-oil imports also rose by 13.9 percent to US$8.07 billion from US$7.08 billion in the same review period,” the report further indicated.
The development is worrying considering the impact of high importation on the cedi, inflation, and the general economy.
It is more worrying, even as Ghana continues to advocate for import substitution, producing what it has the capacity to produce. The trend also raises questions about the effectiveness of policies meant to boost domestic industries and lessen pressure on the cedi.
Analysts say the rise in imports underscores another reality that Ghana’s consumer preferences and production patterns remain heavily tilted toward foreign products, partly due to inconsistent quality and limited supply of local alternatives.
This means the country’s dream of self-sufficiency cannot be achieved by policy rhetoric alone. There must be deliberate investment in local manufacturing, value addition, and consumer confidence in homegrown products and campaign for mindset change.
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