A startling discovery regarding Ghana’s current fuel insurance coverage was made by BOST Managing Director Edwin Alfred Provencal.
Recently, Mr. Senyo Hosi, the Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, encouraged the public not to purchase fuel in a panic, telling them that the nation had a one-month supply covered.
His promise followed a Bloomberg story on Tuesday, June 21, 2022, that the nation was on the verge of a fuel crisis as a result of the central bank’s currency rationing in response to a spike in oil prices following Russia’s invasion of Ukraine.
Mr. Hosi gave Ghanaians optimism by declaring in an interview with the Ghana News Agency “Yes, we are having trouble getting money, and if this keeps happening, we won’t be able to buy petrol. That was anticipated, and we are collaborating with the relevant institutions to maintain the current status “.
But according to BOST MD, the country lacks a month’s worth of fuel supplies.
On Monday, September 19, 2022, Mr. Alfred Provencal stated that the Kufour government had started a strategic reserve levy that would have allowed the corporation to purchase oil and store it for later use, but that the levy had since been canceled.
” . . Since it was cancelled, we haven’t consciously made an effort as a country to make that happen because there’s no money to buy the oil and store,” he stated.
As a result, Ghana’s fuel insurance cover today looks bleak as BOST cannot deliver on its mandate of buying oil and storing it in bulk for future use.
“We don’t have the resources needed as BOST today to really deliver this mandate. So, as I speak right now, our maximum (cover) is about 12/13 days instead of the 6 weeks,” he disclosed.
Disclaimer: The opinions expressed in this publication do not in anyway reflect the opinions of State News Ghana