The National Petroleum Authority (NPA), has indicated that Ghana is gradually on the path to fuel sufficiency where the country will not struggle for fuel anymore.
Mr Dominic Aboagye, Head of Planning at the Authority, noted that systems and interventions to ensure unbroken supply of oil which included the innovative Gold for oil Policy, has helped to secure the nation’s credentials as a hub for fuel supply in the sub-region.
Addressing the media in the Volta and Oti Regions in Ho, the planning lead said special international oil trading licenses, forex auctions and the gold for oil policy ensured constant supply, while efforts are being made to increase the nation’s oil refining capacity.
Mr Dominic Aboagye noted that a total of ten shiploads of oil has been delivered to the country under the Gold for Oil, a programme championed by the Vice President Dr Bawumia to enable the sector to survive strangling forex demand. He also disclosed that the NPA has been facilitating the construction of a new oil refinery which is expected to provide half of the nation’s demand.
Mr Aboagye stated that the Authority is actively advocating the revival of the troubled Tema Oil Refinery. “So, gradually we should be moving towards fuel sufficiency,” he said.
The NPA uses a Lycan Allocation Programme to ensure fuel availability, which Mr Aboagye said helped monitor extensively the distribution and consumption trends for on-schedule supply. He added that the success of the programme has helped to promote the supply of fuel to countries in West Africa.
The Mix of Policies and Interventions
Mr Aboagye averred that the mix of policies and interventions enabled the smooth running of the downstream petroleum sector in the face of growing threats and risks to supply which included geopolitics and climate action policies as well as the threatening forex liquidity risk.
The NPA Boss explained that through the Gold for Oil and various BOG interventions, and the “rigorous monitoring” of the Laycan programme, the threats to supply are being mitigated.
Mr Edwin Yaw Konu, The Volta Regional Manager of the NPA, noted that the region has witnessed increased smuggling of fuel from neighbouring Togo which affected the industry and for that matter, state revenues.
The risk to vehicles, Mr Edwin Yaw Konu said was a concern, and that the NPA is seeking the support of the Togolese authorities in addressing the illicit trade and is also partnering the police and other security agencies to help stop the smuggling of fuel.
The media engagement Is an annual event that helps to keep practitioners up to date on the nation’s downstream petroleum sector.
The consumer management team of the Authority is expected to sensitize the public in the Region on fuel consumption during the period.
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