The CEO of the National Petroleum Authority (NPA), Godwin Edudzi Tamakloe, says Ghana’s dependence on imported refined petroleum products leaves the country exposed to turbulence whenever external market conditions change.
His comments come amid renewed pressure on the downstream petroleum sector as international oil and refined-product prices remain elevated.
The NPA has raised its price floor for the second September pricing window, with petrol now pegged at GH¢16 per litre and diesel at GH¢16.77.
At the same time, Ghana’s state-owned fuel distributor, BOST, has reduced exports to Burkina Faso and Mali to prioritise domestic supply amid global fuel supply pressures.
Speaking on Joy News’ PM Express Business Edition on Thursday, Mr Tamakloe said he understood from the outset that leading the downstream sector meant dealing with external shocks.
“Having to be the Chief Executive Officer of the downstream, I appreciated the fact that we are largely import-dependent when it comes to refined petroleum products.”
He said he had therefore always prepared for periods of instability in the industry.
“So, I’ve always been, you know, let me say, ready for the potential for turbulence.”
According to Mr Tamakloe, Ghana’s downstream petroleum sector is particularly exposed to changes in external factors.
“And so it’s been part of the orientation that I’ve had personally, that you are going to, as it were, lead or take charge of an industry that is largely subject to, or, you know, will face turbulence at any time that exogenous or external factors change.”
He said the responsibility of leadership is to respond to both favourable and difficult periods.
“What I believe is that leadership, in this particular instance, there are issues, and we believe that in a good or bad time, you need to have a leadership response to both sides.”
Mr Tamakloe said the NPA has been working to contain the impact of the current turbulence since February.
“And so, I would say that we are kind of ready, and from February till now, we’ve been trying to, as it were, manage the turbulence, manage the storm.”
He said the Authority’s handling of the situation so far had been satisfactory.
“And the management so far has not been bad at all”
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
The post We are largely import-dependent – NPA boss on Ghana’s fuel vulnerability appeared first on Ghana News Online.
