Chief Executive of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, has raised serious concerns over Ghana’s dwindling stated-owned fuel reserves, warning that the Bulk Oil Storage and Transportation Company (BOST) may not have more than a week’s supply left.
Speaking on Channel One TV’s Face to Face programme, Dr. Oppong said the current situation is “terrifying,” especially as global tensions threaten fuel supply chains. “I doubt that as we speak today, BOST can provide even a week’s worth of national fuel supply,” he said. “That is very terrifying because BOST as an institution does not have its own stock of products stored for emergencies.”
He attributed the problem partly to policy decisions by the Energy Ministry and the National Petroleum Authority (NPA), which he says appear to favour private fuel importers over BOST.
According to him, BOST’s inability to secure a LECANbban official clearance from the NPA that permits the docking and discharge of fuel vesselsbis a major bottleneck.
LECAN is essentially the authority note that gives you the money and clearance to bring a vessel in,” he explained. “Without it, you cannot import fuel, and BOST doesn’t seem to be getting it.”
Dr. Oppong’s warning comes at a time when geopolitical risks are rising, particularly with the threat of conflict in the Middle East. He referenced possible disruptions in global fuel supply, especially through the Strait of Hormuz, a key transit route. Without immediate action, Ghana risks severe energy insecurity, leaving consumers vulnerable to supply shocks and price volatility.
He urged the government to urgently reassess its energy policy to enable BOST to rebuild national reserves.
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