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Energy Ministry, NPA And Central Bank to Avert Imminent Fuel Shortage – Senyo Hosi



The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, Senyo Hosi has said that stakeholders are working to avert any of fuel shortage in the country.

He said this in response to a Bloomberg report that the country faces a looming fuel shortage.

Speaking on Top Story, Tuesday, Senyo Hosi explained that government had anticipated the challenge earlier in March and is working to avert any possible fuel shortage in the country.

“We are collectively as an industry, Central Bank and the Energy Ministry and the National Petroleum Authority (NPA) working to address and mitigate that future risk.

“The Central Bank since March has been taking a very proactive intervention for our market but that also is limited. It started with about 50 percent of our requirement and now I think they have scaled down to about 20 and 25 percent of our requirement.

‘We are working together with the Central Bank to come up with what we call Oil FX Market, so we can actually create a lot more predictability and certainty for the international suppliers,” he stated.

Although he acknowledged the challenges in the fuel market, Senyo Hosi noted that the country is not yet in any crisis.

“There is the risk of a crisis but we don’t have a crisis. That crisis will always exist provided these factors are examined.

“We have stocks to last you a month and a few more to come but that does not mean that there is enough comfort or certainty from the international market when they are seeing challenges with us making good our dollar payment,” he said.


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