The Ghana Chamber of Bulk Oil Distributors (CBOD) CEO, Dr. Patrick Kwaku Ofori, has announced a 30% surge in petroleum product demand during in the final quarter of 2024, marking a significant milestone for the sector despite ongoing economic challenges.
In an interview, Dr. Ofori emphasised the remarkable progress achieved under challenging circumstances, particularly the persistent struggle to secure foreign exchange (forex) for petroleum imports.
“If you compare the first three quarters of this year to the same period last year, demand for petroleum products has risen by 30%, even with the difficulties in accessing forex,” Dr Ofori explained.
He credited the Bank of Ghana (BoG) for playing a pivotal role in stabilizing the currency and boosting confidence among international oil traders.
“In the last quarter, the BoG’s intervention was crucial. Beyond the regular BDC forex auction, they provided additional forex through commercial banks for the sector,” Dr. Ofori noted. “This reassured everyone in the supply chain that Ghana remains a reliable market, ensuring no shortages despite forex constraints.”
Dr Ofori also commended the proactive measures taken by the BoG in October 2024, which he described as instrumental in maintaining the supply chain and averting potential crises.
“Credit goes to the Governor and his team. When there’s a struggle for dollars, international traders worry about payment in USD, which can disrupt supply. The BoG’s timely action stabilized the situation and reassured our trading partners,” he added.
In addition, Dr Ofori highlighted the resilience and capacity of Ghana’s Bulk Oil Distributors (BDCs), whom he described as the backbone of the sector’s stability.
“The BDCs have consistently stepped up during tough times, demonstrating their ability to sustain the sector regardless of government interventions,” he said.
Dr. Ofori called for government involvement to focus on creating an enabling environment rather than direct intervention.
“Government’s role should be to facilitate business and ensure an uninterrupted flow of products without relying on state entities,” he explained.
While celebrating the progress, Dr. Ofori pointed out lingering policy inconsistencies that need to be addressed for sustained growth.
“We must tackle policy inconsistencies going forward to build on the gains made,” he said in an interview on Joy News.
Looking ahead, he urged continued support from the government and stakeholders to ensure the sector’s growth and stability in the face of evolving challenges.