Consumers of petroleum products in Ghana can expect a marginal reduction in fuel prices at the pumps, according to energy strategist Dr. Yusuf Sulemana, the government must ensure the forex is also stable to ensure consumers benefit from the fall in the price of the commodity on the global market.
Dr. Sulemana argued that despite the favorable international price of crude oil, exchange rate fluctuations could counteract potential savings for consumers. He stated;
“The only excuse is the FX, but I think with the drop and the projections forward, we should have some marginal drop.’’
Dr. Yusuf Sulemana Energy Strategist
Fuel Price Reduction Tied to Forex Stability
“The condition is just the FX and it depends on what kind of FX they are using, if the FX remains stable, we would have a drop definitely and undoubtedly because the international prices are very favorable as we speak now.’’
Dr. Yusuf Sulemana Energy Strategist
Dr. Sulemana projected that consumers could see price reductions ranging from 1% to 5%, provided exchange rates remain stable.
“Going forward, we’ll have to, like I mentioned, we’d likely see depressed prices as we go forward in the international front.”
Dr. Yusuf Sulemana Energy Strategist
Dr. Yusuf Sulemana’s emphasis on the forex market offers hope for some relief at the pumps, contingent on forex stability.
Enhancing Transport Efficiency Through Collaborative Training
In similar developments, the Chartered Institute of Logistics and Transport (CILT) has joined forces with South Ghana and the World Food Program’s (WFP) Transport Training Center to organize a three-day intensive training program aimed at strengthening vehicle fleet management.
Speaking at the event, the president of CILT, Engineer Mark Amoamah highlighted the importance of the partnership.
He underscored the potential of this collaboration within the transport sector. He reiterated;
“This agreement or partnership is going [to enhance] the capacity of professionals in these areas, the main aim is to ensure that our work can be done at minimal cost and with efficiency.”
Engineer Mark Amoamah, President of CILT
Mr. Amoamah also emphasized that the collaboration is not only a step toward professional development but also a strategic move to streamline operations in the sector.
Knowledge Exchange through Practical Training
A trainer at the WFP’s Transport Training Center, Kweku Voleto, delved into the structure and benefits of the program, noting its practical approach.
“These [trainings] are normally people in practice, they are delivering the training. They are facilitating the training, so in that case, they are bringing on board their own experience as well as the academic knowledge they have gained and [work experience].’’
Kweku Voleto WFP,S Trainer
Key Focus Areas of the Training
Experts covered a wide range of topics, including optimizing fleet operations, vehicle maintenance management, and developing effective fleet management strategies.
Participants were introduced to innovative techniques for managing fleet resources and minimizing costs without compromising quality.
The partnership also highlighted the importance of building capacity within the sector for long-term growth.
“The participants are going to benefit a lot because we tell you the best practices,” Mr. Voleto affirmed.
Participants were encouraged to apply the knowledge gained during the training to their respective organizations, thereby fostering a ripple effect of improved efficiency and reduced costs across the industry.
The training program marks a significant milestone in the development of Ghana’s logistics and transport sector.
By equipping professionals with practical tools and knowledge, this initiative is set to enhance operational efficiency, reduce costs, and promote sustainable practices.
The program’s emphasis on knowledge sharing and practical training reflects a forward-thinking approach to capacity building, ensuring that professionals in the sector are well-prepared to address the challenges of an ever-evolving industry.
With these collaborations, the logistics and transport sector in Ghana is poised for transformative growth.
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