Ghana needs $1.5 billion for the importation of crude oil and other petroleum products to meet its national requirement for this year in view of the escalating world crude oil prices.

The acting executive secretary of the Energy Commission, Dr A.K. Ofosu-Ahenkorah, who announced this said such a development could have serious financial implications for the economy and the macro-economic situation.

He was addressing a stakeholder?s workshop on biofuel to finalise the draft policy recommendations prepared by the biofuel implementation committee in Accra yesterday.

Dr Ofosu-Ahenkorah said the increasing consumption of petroleum products far outstripped the refining capacity and required the importation of a greater volume to meet national demand, otherwise the national energy security would be threatened.