The Chamber of Petroleum Consumers (COPEC) is calling on the government to urgently restock the country’s crude oil reserves as tensions escalate between the United States and Israel, warning that failure to act swiftly could result in steep price hikes and economic strain.
Speaking to Joy Business, the Executive Secretary of COPEC, Duncan Amoah, emphasized the critical need for proactive measures to shield Ghanaian consumers from potential global fuel price shocks.
He noted that geopolitical uncertainty could quickly disrupt international oil markets, significantly impacting local pump prices and the broader economy.
“Geopolitical factors are quite uncertain, and Ghana has very little influence on what happens internationally, If you have a situation where things happen very fast, it affects your economy, and your only safeguard is to ensure you have enough refining capacity and strategic reserves.”
COPEC believes the government should not only focus on crude oil stockpiling but also strengthen institutions like the Bulk Oil Storage and Transportation Company (BOST) to effectively store and manage petroleum products.
This, the organization argues, would help Ghana move away from being a passive price taker on the global market.
“The time to store is now. The time to also boost our refining capacity is now,” Mr. Amoah urged, adding that strategic investment in storage infrastructure and refining capabilities is essential to insulating the economy from external shocks.
COPEC’s call comes as fears grow over the potential ripple effects of the US-Israel tensions on global crude oil prices.
Industry watchers say any major disruptions could lead to shortages and steep cost increments, especially for import-dependent countries like Ghana.
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