The Executive Director of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has called for urgent reforms in Ghana’s energy strategy to reduce the country’s exposure to global oil price shocks amid Israel-Iran tensions over oil prices.
Speaking in an interview on Channel One Newsroom on Saturday, June 14, he stressed that Ghana must move away from its overreliance on imported refined petroleum products and take greater control of its hydrocarbon resources.
“There is a lot of geopolitical tension. We cannot continue to be price seekers, we cannot continue to be global observers. We cannot continue to allow international oil marketing companies to come down here, take our hydrocarbon resources and ship everything back to Europe, go refine and process them, and then we will go back with our cargos for the refined product to our country for $400 every month,” he lamented.
He noted that such a dependency model leaves Ghana’s economy at the mercy of external shocks, such as the ongoing missile exchanges between Israel and Iran, which are already driving up global crude prices.
“That strategy has also got to change. I think that the current Energy Minister, John Jinapor, if anybody can fix the situation, should be better placed. We will urge him to re-strategise and get Ghana to be a global observer.
“Anytime the prices go up, our economy is busted completely, and then things have to go back because Iran is fighting Israel. We should not be feeling this impact immediately,” he added.
His comments come on the heels of a directive issued by President John Dramani Mahama for the Finance and Energy Ministers to monitor the escalating tensions in the Middle East and assess their possible impact on Ghana’s economy.
Speaking during his thank-you tour of the Savannah Region on Friday, June 14, President Mahama underscored the importance of staying ahead of global events that could reverse Ghana’s recent economic gains.
Amoah revealed that Ghana’s strategic fuel reserves have been depleted, with the Bulk Oil Storage and Transportation Company (BOST) currently holding “not a single litre.” He also noted that the Tema Oil Refinery (TOR), which could have bolstered national fuel security, remains largely idle.
“We should not be feeling the impact [of global price shocks] this immediately. But as it stands now, our buffers are all down,” he warned.
COPEC is urging the Energy Ministry to take immediate steps to restore fuel reserves and retool national infrastructure to refine oil locally, warning that without such reforms, Ghana will continue to suffer from every global crisis.