The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors (CBOD), Dr. Patrick Kwaku Ofori, has called for renewed focus on compliance, transparency, and data integrity as the foundation for a resilient and sustainable downstream petroleum sector.
He stressed that these elements are essential to ensuring fair competition, supply security, and long-term stability in Ghana’s fuel market.
“The priority for Ghana’s downstream petroleum sector must be strengthening compliance, transparency, and data integrity to ensure a level playing field and long-term supply security.”
Dr. Patrick Kwaku Ofori, Chief Executive Officer of CBOD
Addressing concerns around foreign exchange availability for fuel imports, Dr. Ofori dismissed suggestions of an FX crunch, stating that liquidity remains sufficient to support petroleum imports. He noted, however, that inefficiencies in FX allocation could be addressed through better data and planning.
According to Dr. Ofori, clearer forecasting and more transparent demand data would enable financial institutions and regulators to allocate foreign exchange more effectively, reducing bottlenecks and uncertainty for bulk importers.
Dr. Ofori also pointed to recent improvements in the Ghanaian cedi’s performance against the US dollar, noting that currency stability has helped ease pump prices for consumers.
He said the Chamber continues to work closely with the Bank of Ghana to ensure that FX allocation mechanisms support market stability.
“The Ghanaian cedi has strengthened against the USD, easing pump prices for consumers.
“We continue to work closely with the Bank of Ghana to improve FX allocation efficiency.”
Dr. Patrick Kwaku Ofori, Chief Executive Officer of CBOD
He stressed that exchange rate stability remains a critical determinant of fuel pricing, given the dollar-denominated nature of petroleum imports.
TOR Revival Seen as Positive Step
On domestic refining, Dr. Ofori welcomed efforts to revive the Tema Oil Refinery (TOR), describing the move as a positive step toward strengthening local refining capacity.
He noted that, alongside the Sentuo Refinery, TOR could play a strategic role in reducing import dependence and enhancing supply security.
He cautioned, however, that operational sustainability must be prioritised to avoid past challenges associated with inefficiency and financial losses.
“It is important we assess the sector critically and understand the scale of its operations, including employment, investment in the industry, and revenue contributions to the economy.”
Dr. Patrick Kwaku Ofori, Chief Executive Officer of CBOD
He argued that such an assessment would help policymakers balance regulation with growth, ensuring that interventions are proportionate and evidence-based.
Responding to criticism that regulators are overly protective of petroleum service providers, Dr. Ofori pushed back against the narrative, insisting that “regulatory interventions are aimed at protecting the broader economy and consumers.”
“Regulatory interventions are designed to safeguard the sustainability of the downstream petroleum sector and the wider economy from market distortions, while ensuring security of supply so that Ghanaians do not experience fuel shortages or queues.”
Dr. Patrick Kwaku Ofori, Chief Executive Officer of CBOD
Chamber Backs Regulator’s Direction
Dr. Ofori reiterated the Chamber’s consistent support for regulatory initiatives that strengthen the downstream sector. He said the Chamber’s position has remained unchanged in backing policies that enhance efficiency and stability.
He noted that collaboration between industry players and regulators remains crucial to addressing structural challenges and maintaining investor confidence.
As debates around pricing, FX access, and regulation continue, Dr. Ofori emphasised the need for balance between market forces and regulatory oversight. He warned that weak compliance and poor data integrity could undermine reforms and expose the sector to shocks.
In his view, strengthening transparency across the supply chain would not only improve efficiency but also enhance trust among stakeholders, including consumers, financiers, and regulators.
Dr. Ofori’s remarks come at a time when Ghana’s downstream petroleum sector is navigating currency volatility, evolving regulatory frameworks, and renewed interest in local refining.
As policymakers weigh reforms, his call for compliance-driven growth underscores the importance of institutional discipline in sustaining fuel supply and economic stability.
With improved FX coordination, robust data systems, and sustainable refining operations, he said, the sector can continue to meet national energy needs while supporting broader economic development.
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