The strategic fuel reserve Ghana debate has resurfaced as the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, calls on the government to establish a dedicated fund to build emergency petroleum stocks and safeguard the country from global supply disruptions.
Mr. Amoah said Ghana currently lacks a structured financial mechanism to deliberately accumulate petroleum reserves, despite the numerous levies and taxes consumers already pay on fuel products. According to him, introducing a small reserve margin within the petroleum pricing structure could generate significant resources for strategic fuel storage.
“I have advocated all along that we should get a reserve margin and give it to BOST, a reserve margin controlled by the Ministry and the government.
“We pay all kinds of funny taxes on petroleum products, but nothing for strategic stock. It is worrying.” - Duncan Amoah, Executive Secretary of COPEC
Mr. Amoah explained that the proposed fund could be managed through the Bulk Oil Storage and Transportation Company Limited (BOST) to ensure Ghana maintains adequate petroleum reserves during emergencies. Such a system, he noted, would provide a buffer for the economy during supply disruptions or sudden spikes in global fuel prices.
He emphasized that even a modest levy could generate substantial revenue for the fund. According to him, petroleum pricing dynamics in Ghana mean that every one pesewa added to the pump price generates at least GH¢4 million.
“If we established a reserve margin fund generating, for example, GH¢50 million a month, considering that in petroleum pricing every one pesewa yields at least GH¢4 million even a modest 10-pesewa contribution could generate GH¢40–50 million monthly.” - Duncan Amoah, Executive Secretary of COPEC
Mr. Amoah said the accumulated funds could then be used to purchase and store petroleum products to stabilize supply when global markets experience disruptions.
“These funds could then be used to purchase and store petroleum products, giving Ghanaians, industries, and the broader economy a reliable buffer in times of shortage.
“This is the kind of security and stability such a fund would deliver.” - Duncan Amoah, Executive Secretary of COPEC
His call comes at a time when rising tensions in the Middle East are disrupting global energy markets, raising fresh concerns about supply stability and price volatility for petroleum-importing countries like Ghana.
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