The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has described Ghana’s current fuel reserves as “abysmal,” despite the National Petroleum Authority (NPA) assuring the public that the country has more than five weeks of supply.
Speaking on The Big Issue on Channel One TV on Saturday, March 7, Mr Amoah warned that the limited stockpile leaves Ghana highly vulnerable to supply shocks, especially as tensions in the Middle East are expected to persist for several months.
I am not particularly enthused by the five weeks of storage we have. It is abysmal, and I’ll put this on record,” he said, stressing the need for urgent action.
His comments follow assurances from the NPA, which said Ghana’s petroleum reserves remain adequate despite escalating tensions in the region.
The Director of Economic Regulation and Planning at the NPA, Abass Ibrahim Tasunti, noted that the country currently has more than five weeks of fuel in stock, allaying fears of potential shortages.
Mr Amoah, however, advised the Minister of Energy, John Abdulai Jinapor, to immediately secure as much fuel stock as possible from the Lome Triangle, emphasising that Ghana has the infrastructure to maintain far larger reserves.
According to him, Tema Oil Refinery (TOR) alone has a storage capacity of nearly one million metric tonnes, enough to provide two to three months of supply if fully stocked. State-owned Bulk Oil Storage and Transportation (BOST) contributes between 700,000 and 800,000 metric tons, while private depots such as Tema Fuel Company (TFC) and other facilities across the enclave could further bolster the nation’s reserves.
If I may advise my brother, the Energy Minister: get to the Lome Triangle immediately and secure as much stock as you can. If you decide to stock up, Ghana could maintain between four to six months of supply at a minimum. Five weeks is essentially just one month,” he added.