A lack of timely communication from the Bulk Oil Storage and Transportation Company Limited (BOST) has been identified as a key factor in Ghana’s recent fuel shortage.
This is according to Benjamin Nsiah, Director at the Centre for Environmental Management and Sustainable Energy (CEMSE), who shared his insights on the Asaase Breakfast Show (ABS) on Thursday (16 January).
Nsiah explained that BOST’s failure to inform stakeholders about its decision to suspend the gold-for-oil programme for the first quarter of 2025 left Bulk Oil Import, Distribution & Export Companies (BIDECs) unprepared to bridge the supply gap.
“If BOST had communicated that they were not going to do the gold-for-oil in the first quarter of 2025, most of the BIDECs would have imported,” Nsiah stated.
BOST accounts for as much as 40% of Ghana’s petroleum imports and occasionally even up to 60% plays a significant role in stabilising the country’s fuel supply.
Nsiah argued that with advanced notice of the suspension, Ghana’s 37 BIDECs, alongside Oil Trading Companies (OTCs) operating locally, could have leveraged their networks to secure alternative supplies.
“We have some of these OTCs even having their offices locally, so arrangements could have been done for us to get this product,” he explained.
“Most of these OTCs also buy products from or have contacts with Dangote and getting products from Dangote to Ghana takes a bit shorter time compared to getting products from the ARA (Amsterdam-Rotterdam-Antwerp) areas or United Arab Emirates.”
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