Proper management of foreign exchange rates will prevent increase in fuel prices – Senyo Hosi

The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi, believes that the best way to control fuel prices is for government to manage forex exchange rates properly.

According to him, the government must manage the foreign exchange rate to mitigate the high cost of fuel prices.

Speaking on Joy FM

Read full articleas monitored by GhanaWeb on Friday, Mr. Hosi disclosed that government should be having a crisis meeting to deliberate on the price hikes.

“One of the most potent and immediate things that government can do is to manage the forex rate. Either we have a central bank that is unwilling or a government that is not focused on the solution. We should be having a major crisis meeting by now oh how to deal with prices,” Senyo Hosi stated.

According to him government pretend to have the interest of the country at heart when they are in opposition but forget about collaborating with industry players for advise when things get tough.

“Politicians are not industry people; when they are out of government, they consult industry, when they are in government sometimes they forget and then become people who claim to know all. So you can’t fix these problems without the industry people.

“That conversation is not going on, and I don’t think it is optimal from the policy front. Since our last conversation in your studio, we’ve not had an industry crisis meeting to see how to fix this,” he said.

Mr Hosi revealed that the country is in a state of crisis because the next increment of fuel prices will cause a big problem to the state.

“It is crucial we address those things now. Going into the future, this is the bigger problem we are going to have. With prices going up, the crisis risk of Ghana will be going down, and there would be little funding even for oil import into this country."

“I think this is a crisis time there is the need for policymakers, the central bank to sit down and figure out a solution. The solutions are available if people are willing to help alleviate the suffering of our people.'

Some fuel stations have increased the price of fuel at the pump by 10 pesewas which is the 2nd time the last 60 days.