{"id":1178595,"date":"2022-08-15T13:21:41","date_gmt":"2022-08-15T13:21:41","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/08\/15\/alex-mould-hints-of-fuel-shortage\/"},"modified":"2022-08-15T13:21:41","modified_gmt":"2022-08-15T13:21:41","slug":"alex-mould-hints-of-fuel-shortage","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/08\/15\/alex-mould-hints-of-fuel-shortage\/","title":{"rendered":"Alex Mould hints of fuel shortage"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"650\" height=\"481\" class=\"entry-thumb\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/08\/6900139431417_991459227322.jpg\"   alt=\"financial and energy expert, Mr Alex Mould\" title=\"Financial and energy expert, Mr Alex Mould\"\/><figcaption class=\"wp-caption-text\">Financial and energy expert, Mr Alex Mould <\/figcaption><\/figure>\n<\/div>\n<p>A former Chief Executive Officer of National Petroleum Authority, Alex Mould, has hinted of fuel shortage in the country if government does not intervene in providing foreign exchange to the banking sector immediately.<\/p>\n<p>Mr Mould, who is a former Executive Director of Standard Chartered Bank, said banks are not providing sufficient foreign currency needed to meet the payment of their maturing Letter of Credits (LCs) issued to international fuel traders.<\/p>\n<p>\u201cThe banks are crying out that the Bank of Ghana is not able to provide enough foreign currencies (especially the U.S dollar), through its forex auctions, to meet their trading partners\u2019 needs.<\/p>\n<p>\u201cThis is causing BDC\u2018s to max out on their credit-line limits with their banks, and the implication is that the banks will no longer be able to finance fuel imports by October,\u201d the petroleum and banking expert said in an interview.<\/p>\n<p><!-- \/22191989129,1002554\/MGL\/mgl_ado_atunwa_300x250 --><\/p>\n<p>\u201cThe current situation, if not addressed, could prove disastrous for the country as this could trigger a domino effect and\u00a0 even imports of essential commodities could come to a grinding halt.<\/p>\n<p>\u201cAs it stands, not only fuel shortage is imminent, but food items such as rice, sugar, protein food (fish, meats) and bakery products; it could be a bleak Christmas this year,\u201d he added.<\/p>\n<p>To salvage the situation, Mr Mould proffered that, \u201cgovernment needs to act decisively and quickly before International Banks\u2019 Credit and Country Risk teams start reviewing downwards their Country-limits to Ghana, if they have not already done so since S&#038;P\u2019s recent downgrade \u2013 the last of the three major rating agencies that have downgraded Ghana this year.\u201d<\/p>\n<p>Such actions by the local bank\u2019s International partners will cause FX credit crunch resulting in defaults by Ghanaian importers to their suppliers. This would only trigger a scramble for the scarce foreign exchange which could send the cedi spiraling in a free fall.<\/p>\n<p>\u201cGoG\u2019s only choice is to accelerate their discussions with IMF to enter into an immediate Bridge-program whilst working on the main Take-Out Program, which sources suggest will kick in sometime in first quarter of 2023.\u201d<\/p>\n<p>            <!--  [embed]https:\/\/www.youtube.com\/watch?v=videoseries[\/embed]<!--\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>--><\/p>\n<div class=\"youtube-embed\" data-video_id=\"CyqIudBGzh4\"><iframe loading=\"lazy\" title=\"Nnawotwi Yi on Adom TV (13-8-22)\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/CyqIudBGzh4?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Financial and energy expert, Mr Alex Mould A former Chief Executive Officer of National Petroleum Authority, Alex Mould, has hinted of fuel shortage in the country if government does not intervene in providing foreign exchange to the banking sector immediately. Mr Mould, who is a former Executive Director of Standard Chartered Bank, said banks are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1178597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[6732,599,6890,23394,4797],"class_list":["post-1178595","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-alex","tag-fuel","tag-hints","tag-mould","tag-shortage"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1178595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1178595"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1178595\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1178595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1178595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1178595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}