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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.<\/p>\n
Speaking on the Citi Breakfast Show<\/strong>, Mr. Hosi said there was no need to panic.<\/p>\n \u201cWe have enough stock to keep us stable and actually buy us enough time to fix the problem,\u201d he said.<\/p>\n Mr. Hosi also said some stakeholders have been \u201cengaging all the international traders since yesterday when the story broke to give them assurances that things are being done.\u201d<\/p>\n Beyond this, he said there will be more supplies beyond the one-month fuel stock in Ghana.<\/p>\n \u201cIt 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,\u201d he said.<\/p>\n 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.<\/p>\n This follows a surge in oil prices in the wake of the Russian invasion of Ukraine.<\/p>\n Ghana\u2019s monthly fuel import bill stood at $450 million in May, up from $250 million in January.<\/p>\n The cedi has also weakened 22 percent against the dollar this year, making it the worst performance among African currencies tracked by Bloomberg.<\/p>\n Ghana\u2019s inflation rate also jumped to 27.6 percent in May, continuing the record highs in the last 18 years.<\/p>\n The Bank of Ghana is yet to respond to the report.<\/p>\n