The Ghana Chamber of Bulk Oil Distributors (CBOD) has assured the nation that there are sufficient stocks of all petroleum products to satisfy national demand well into the New Year.
“Concerns about a potential fuel shortage are unfounded,” says CEO of CBOD, Dr. Patrick Ofori.
“We have more than enough petroleum products at the depots and in the ports ready for discharge. These products, ranging from petrol and diesel to kerosene, premix and aviation fuel, are available in sufficient quantities to meet national demand beyond the Christmas holidays.”
Dr. Ofori said the nation’s strategic fuel stocks have been maintained and replenished through policy intervention by the Bank of Ghana (BOG) and nationalistic “sacrifices” by the bulk oil distribution companies.
He explained that the BOG has allocated 120 million US dollars every month until the end of the year for the importation of all essential petroleum products into the country.
“For this we are very grateful to the Central Bank, which has been working with us to assist our members, the bulk distribution companies, to secure foreign exchange forwards to meet the nation’s petroleum import bill,” Dr. Ofori said. “With the BOG’s intervention, the forex challenges we faced around the middle of the year have been stabilized to some extent and there is little, if any, cause for alarm.”
What the BOG is providing, however, is just a fraction of what the BDCs need to meet their medium- to long-term foreign exchange liquidity demands and CBOD is hoping that more will be done soon to shore up foreign exchange liquidity in the country.
Dr. Ofori also commended the bulk distribution companies for placing the national interest above their commercial interests to help ensure adequate petroleum supplies in the country.
He pledged the continuous support and co-operation of CBOD with all the relevant national agencies to ensure adequate supplies of petroleum products to keep the engines of the Ghanaian economy running.
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