The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has called for the establishment of a dedicated strategic fuel reserve fund to enable Ghana to build emergency petroleum stocks and protect the country from global supply shocks.
Amoah said Ghana currently lacks a structured financial mechanism to deliberately build petroleum reserves, despite the numerous taxes consumers already pay on fuel products.
According to him, a small reserve margin added to the petroleum pricing structure could generate substantial funds to support strategic storage through the Bulk Oil Storage and Transportation Company Limited (BOST).
“I have advocated all along that we should get a reserve margin and give it to BOST — a reserve margin controlled by the Ministry and the government. We pay all kinds of funny taxes on petroleum products, but nothing for strategic stock. It is worrying,” he said.
He added that establishing a strategic fuel reserve would provide a safety net for the economy during periods of supply disruptions or global price shocks, noting that even a small levy could generate significant funds for emergency petroleum purchases.
“If we established a reserve margin fund generating, for example, GH¢50 million a month — considering that in petroleum pricing, every one pesewa yields at least GH¢4 million — even a modest 10-pesewa contribution could generate GH¢40–50 million monthly.
“These funds could then be used to purchase and store petroleum products, giving Ghanaians, industries, and the broader economy a reliable buffer in times of shortage. This is the kind of security and stability such a fund would deliver,” he added.
His call comes amid rising tensions in the Middle East, which have disrupted global fuel supplies and heightened concerns about price volatility in Ghana.
