The National Petroleum Authority (NPA) has assured the public that Ghana has enough fuel stocks to meet domestic demand for at least the next six weeks, dismissing concerns over a possible imminent shortage.
NPA Chief Executive Officer, Godwin Edudzi Tamakloe, said the country’s existing reserves, together with petroleum product cargoes currently en route to Ghana, provide sufficient cover against potential disruptions in supply. “Currently, we have not less than six weeks of cover. Not less,” he said during an interview on Joy News on Thursday, September 17.
His comments come amid concerns over tightening global petroleum supplies and reports of reduced fuel exports to some countries within the sub-region. Mr Tamakloe said the number of vessels currently transporting petroleum products to Ghana further strengthens the outlook for a stable supply.
“And if you look at the number of vessels even on the high seas, it is significant. So at this point, yes, I have some supply,” he said. Asked whether he expected Ghana to face supply challenges in the coming weeks, the NPA CEO said his primary concern at the moment was fuel prices rather than availability. “No, my major concern now is price,” he stated.
When asked specifically whether the country could experience fuel supply problems within the next month, Mr Tamakloe responded: “Not at all.” According to him, developments in international petroleum markets and their potential impact on domestic fuel prices remain the more pressing concern for Ghana’s downstream petroleum sector.
Mr Tamakloe also identified Nigeria’s Dangote Refinery as an additional source of petroleum products for the regional market. “Dangote is here,” he said, responding to concerns over tightening petroleum supplies. The assurance comes at a time when global petroleum markets are facing renewed pressure from geopolitical tensions and tighter supplies of crude oil and refined petroleum products.
The development also coincides with an increase in Ghana’s fuel price floors. Effective September 16, the NPA increased the minimum price of petrol to GH¢16 per litre and diesel to GH¢16.77 per litre, while the floor price for liquefied petroleum gas (LPG) was set at GH¢10.97 per kilogramme. Meanwhile, BOSTenergies has clarified that the reduction in fuel exports to Burkina Faso and Mali does not indicate an impending fuel shortage in Ghana. The company attributed the decline largely to ongoing revamp works at its Bolgatanga depot.
Mr Tamakloe also defended Ghana’s private-sector-led downstream petroleum model, explaining that the system was deliberately designed to promote private-sector participation in the industry. He acknowledged concerns that private operators could potentially exert excessive pressure on the government but said safeguards had been put in place to prevent a recurrence of the circumstances that contributed to the 2014–15 fuel crisis.
“I think there are some buffers that we put in place to ensure that the 2014-2015 events do not happen again. And like I said, that’s a particular concern, a great concern, to the President of the Republic, so we don’t get to a point where the private sector can effectively hold the whole country to ransom,” he said. The NPA maintains that existing fuel stocks, together with incoming petroleum cargoes, are sufficient to sustain domestic supply despite ongoing volatility in international petroleum markets.
