Senyo Hosi, the Former Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, has advised the Akufo-Addo led government to be modest in its promises to bring affordable petroleum on the Ghanaian market.

According to the astute businessman, the price of petroleum products are heavily dependent on how currencies are performing plus other macro-economic factors and not necessarily where the commodity is purchased.

“He [the President] has one major problem, credit and the currency. It is not cured by where you go and buy your products from, it is cured by your own macro-economic circumstances.
“So I’ll encourage government to be a bit more modest in the promises he gives to the public otherwise he will raise expectations that sometimes he just may not be able to sustain. So just manage your communication and expectations.”
Senyo Hosi

Mr. Hosi noted that, the prices of petroleum products can only become moderate when the cedi is stable. When the cedi appreciates, the increasing prices of fuel will normalize.

He further counselled Government to work closely with industry players and banking sector. Mr. Hosi suggested that there is nothing Government would achieve if it doesn’t involve industry players who over the years have contributed massively to petroleum supplies.

“The other thing that I am concerned about is the participation of industry in this entire exercise. BDCs’ have accounted for practically all the supplies that we’ve had almost a 100%. If you are trying to work something, try to work with industry, with the banking sector.”
Senyo Hosi

Ghana is in Energy Crisis

Effective yesterday, November 1, 2022, a litre of diesel and petrol is selling at all GOIL fuel stations for GHC 23.49 and GHC 17.99 respectively.

This increment is shocking because on Wednesday, 26th October, 2022, GOIL announced that diesel and petrol was selling at GHC 15.99 and GHC 13.99 respectively.

The rate at which the prices of petroleum have risen this year alone, is alarming.

Undoubtedly, Ghana’s current economic woes is partly due to the cost of fuel. When fuel prices increases, it affects the cost of all other products on the market.

On Sunday, October 31, 2022, the President in his address to the nation acknowledged that Ghana is in crisis. “We are in a crisis, I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time,” he said.

He mentioned that Government is working to stabilise prices of petroleum products through new supply arrangements so as to tackle the high cost of living prevalent in the country.

Meanwhile, there has been some speculations that government officials are currently in Abu Dhabi negotiating deals to bring petroleum products from there.

It was on the back of that the Former CEO of the Ghana Chamber of Bulk Oil Distributors, Mr. Senyo Hosi, counselled that purchasing fuel from other places was not the solution, but stabilising the cedi and other macro-economic factors were the ways to go in addressing the ongoing energy crisis.