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No need to panic over fuel shortage concerns – Senyo Hosi

The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, Senyo Hosi, has said Ghana has enough fuel stock to last a month amid fuel shortage concerns.

Speaking on the Citi Breakfast Show, Mr. Hosi said there was no need to panic.

“We have enough stock to keep us stable and actually buy us enough time to fix the problem,” he said.

Mr. Hosi also said some stakeholders have been “engaging all the international traders since yesterday when the story broke to give them assurances that things are being done.”

Beyond this, he said there will be more supplies beyond the one-month fuel stock in Ghana.

“It is a very resolvable situation. It is not something that panics me at all. It is something that we have been dealing with, and we have clarity on how to resolve it,” he said.

Mr. Hosi was responding to a report from Bloomberg which claimed that Ghana faces a looming fuel shortage because the Bank of Ghana is rationing dollars.

This follows a surge in oil prices in the wake of the Russian invasion of Ukraine.

Ghana’s monthly fuel import bill stood at $450 million in May, up from $250 million in January.

The cedi has also weakened 22 percent against the dollar this year, making it the worst performance among African currencies tracked by Bloomberg.

Ghana’s inflation rate also jumped to 27.6 percent in May, continuing the record highs in the last 18 years.

The Bank of Ghana is yet to respond to the report.



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