MARKET SHARE SQUEEZE: GHANA'S TOP OMCs DROP TO 61%
The market share of Ghana's top 10 Oil Marketing Companies (OMCs) declined from 65% in 2022 to 61% in 2023, according to the 2023 Ghana Petroleum Industry Report by the Chamber of Bulk Oil Distributors (CBOD). This shift highlights growing competition within the sector. The report also indicated that up to 34 OMCs faced the risk of closure in 2023, reflecting the mounting pressures and fierce competition in an increasingly challenging market environment. While the number of OMCs decreased from 235 in 2022 to 201 in 2023, data from the CBOD shows that the industry has experienced a significant expansion, with the total number of OMCs growing by approximately 69% between 2013 and 2023. Despite the reduction in the number of OMCs in 2023, the top 10 companies saw their collective market share shrink from 65% in 2022 to 61% in 2023, signaling increased competition within the sector. State-owned Goil maintained its market leadership for the ninth consecutive year, though its market sh...