The Chamber of Petroleum Consumers is making a case that sounds simple on paper but carries real weight for Ghana's currency. If refineries sell their fuel in cedis, Executive Secretary Duncan Amoah argues, they should be buying their crude in cedis too.
The push comes as Tullow Oil continues supplying crude to local refineries, part of a broader effort to cut down on imported petroleum products. Sentuo Oil Refinery already received its first cargo under the arrangement earlier this year.
Amoah isn't against the commercial deal itself, he's quick to say the Jubilee Partners, Tullow, and the state all deserve their fair cut.
"That the crude is being sold on a commercial arrangement basis is a good thing so that the Jubilee Partners do not lose, Tullow does not lose, the state Ghana does not also lose the expected revenue." - Amoah
His issue is with the currency attached to the deal. The cedi, he points out, remains Ghana's legal tender, and refineries already sell every drop of fuel they produce locally in cedis.
Forcing them to pay in dollars for the crude that feeds that process, he argues, creates an unnecessary mismatch.
Presidential Backing Already in Motion
According to Amoah, this isn't just a wish list item anymore. "I am happy that Mr. President has already instructed the Energy Minister, the Finance Minister to ensure that these refineries are given a flexible trade term such that they can pay for the crude in the local currency," he said, suggesting the conversation has moved beyond advocacy and into actual policy direction.
Amoah's core argument centres on competition for scarce forex. Refineries forced to source dollars would be hunting in the same pool as importers trying to finance other goods, tightening supply further.
"If you ask them to pay dollar, you are simply asking them to come back to the same market that doesn't have enough dollars for the other importation space to crowd them out and further put pressure on the Cedi causing depreciation." - Amoah
Whether this actually works out in practice will hinge on how crude suppliers respond and whether upstream producers' own forex needs get adequately addressed in the final terms.
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