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Energy Ministry: Fuel security not under threat

The ministry’s assurance comes hot on the heels of a Bloomberg report that Ghana faces fuel shortages as the central bank rations dollars to cover oil price surges in response to Russia’s invasion of Ukraine

The Ministry of Energy has assured Ghanaians that there is no threat of fuel shortages in the country, contrary to media reports.

The assurance follows a report by Bloomberg that Ghana faces fuel shortages as the central bank rations dollars to cover oil price surges following Russia’s invasion of Ukraine.

Speaking with the sit-in host on The Asaase Breakfast Show, Benjamin Offei-Addo, on Friday (24 June 2022) the public relations officer of the ministry, Kwasi Obeng-Fosu, said: “… As I speak to you now, we have a whole month of fuel security as a nation.

“I can assure you that the meeting between the Chamber of Bulk Oil Distributors and the ministry in the last few days is geared towards that. We have fuel security,” he said.

“And as we always say, [in] our request and demand for fuel as a nation, we are not under any threat because we have enough onshore in our storage,” Obeng-Fosu said.

He said the ministry would soon announce measures aimed at dealing with the concerns of the bulk oil distributors on access to foreign exchange.

Listen to Kwasi Obeng-Fosu in the audio clip attached below:

 

 

Assist BDCs with dollars to avert fuel shortage

Theo Acheampong, an international petroleum economist based in the United Kingdom, has called on the Bank of Ghana (BoG) to make available dollars for the bulk oil distribution companies (BDCs) to avert any imminent fuel shortage.

Speaking to Benjamin Offei-Addo for The Asaase Breakfast Show on Wednesday (22 June 2022),  Acheampong described Ghana’s three months’ worth of import cover as very worrying.

“I think [the problem] is twofold: one is the public communications management aspect of things. So I expect the Bulk Oil Storage and Transportation [Company Ltd, or BOST], the National Petroleum Authority [NPA] and the Ministry of Energy public relations management to issue various statements telling Ghanaians about the situation.

“And what steps they are taking to ameliorate it, including the fact that we have some stocks to last us a while.

“And secondly, the difficult choice – which is, the Bank of Ghana (BoG) would have to make a bit more dollars available to the bulk oil distribution companies (BDCs) to meet import requirements in the short term,” Dr Acheampong said.

The petroleum economist also advised the government to facilitate processes towards revamping the Tema Oil Refinery (TOR) to help address the challenge. 

“If we do not solve in a holistic manner the fuel sector’s teething issues … we will continue to use our hard-earned money for fuel importation. If we do not sort out the fundamental issues like local processing [of fuel] then we will only be dealing with the periphery of issues,” he said.

Fred Dzakpata

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