Business News of Saturday, 16 July 2022
Source: www.ghanaweb.live
2022-07-16Ghana can’t control fuel prices; it's like a drop in the ocean on the global market – Senyo Hosi
Senyo Hosi is the outgoing CEO of the Ghana CBOD
Cushion consumers against fuel price hikes, Senyo Hosi
Ghana produces very small barrels of oil, Hosi
There is nothing to show for oil revenue, CBOD
The outgoing Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, Senyo Hosi, has stated that Ghana cannot control fuel prices; therefore, policies that will cushion consumers should be adopted.
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According to him, since Ghana does not produce fuel internally, it has no control over prices on the market.
However, this should cause the government to make decisions that mitigate the impact of soaring prices on Ghanaians.
“We should forget about arguing over price. And I’ve said on countless occasions that Ghana is not going to be a maker of price, so just forget it. You can’t control petroleum prices in the world, the only thing you can do is to influence the impact it will have on your economy. Because Ghana is just a market taker; what do you consume? I mean you’re just a drop in the ocean. You can’t, just forget it.
“It is the likes of Saudi Arabia, Russia, the US – these are people producing 12 million barrels a day; these are the people whose actions really define the space, not us struggling with 100,000 barrels a day. Today we’re at 130, tomorrow we come below 8, we don’t even know where we are standing," he said.
He added that Ghana’s production of oil puts the country in a position where it has no control over what happens on the global market.
“Please, stop overrating yourself; don’t have an exaggerated sense of importance within this global space of petroleum dynamics and its pricing. All you have to think about is policies that will cushion your people from the impact of petroleum hikes, which, unfortunately, all successive governments have failed to implement despite the counsel that has been given them,” he said.
Senyo also lamented the use of oil revenue in Ghana. According to him, there is very little to show for the revenue the sector generates.
“Petroleum sector is accounting for –depends on which year – between 12 to 14% of domestic revenue. What interventions have we made to safeguard and add a particular contribution and impact on the people? Close to none,” he bemoaned.
SSD/BOG
