Financial Analyst, Sydney Casely-Hayford has criticized the Chief Executive Officer (CEO) of the Bulk Oil Distribution Companies (BDCs) for thanking the President for ordering the release of strategic fuel reserves.
Senyo Horsi, on Citi FM’s The Big Issue thanked the President for his intervention and promised the supply of fuel to consumers by close of Saturday, June,28.
But in response, Casely-Hayford criticized Mr. Horsi’s appreciation to the President saying, ‘there is no gratitude to be given to the President. He has created the mess.’
According to him, the President should be held responsible for the situation together with his Minister and Executives appointed to oversee the energy sector.
Casely-Hayford also stated that the release of Ghana’s strategic fuel reserves indicates government’s failure
‘By government accepting that it is releasing its strategic reserves, government has admitted its failure. Government is clearly telling us that they have not managed this thing [fuel shortage] very, very well,’ he said.
It has been six days since consumers of fuel started experiencing acute shortage of the product.
The incident began after government failed to heed the warning given by the Bulk Oil Distribution Companies (BDCs) that its huge indebtedness to them will inevitably halt fuel supply.
The President then ordered the Finance Ministry to pay the BDCs an amount of $60 million to offset some of its total debt of Ghc1.8 billion.
The shortage, however, worsened until the President again ordered the release of the nation’s strategic fuel reserves for onward distribution to fuel stations where motorists had been queuing for days.
The Financial Analyst pointed out that the fuel shortage has brought all economic activities to a standstill saying, ‘there is no market activity; taxis are parked, ‘trotros’ are parked, nobody is moving.’
He added that there is too much uncertainty among Ghanaians and the shortage ‘is disturbing the economic activity in this country.’
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