Fuel Shortage Looms: IES Warns Ghanaians As Cedi’s Fall Worsens And Scarcity Of Dollars Sets In

• Fuel stations across the country could soon choke with cars and big containers over an imminent fuel shortage
• According to energy think tank IES, Ghanaian importers are finding it difficult to get dollars to buy the commodity
• IES wants state agencies tasked with ensuring Ghana's energy security to proceed with tact to prevent a shortage catastrophe

Energy think tank the Institute for Energy Security (IES) has said Ghana risks fuel shortage due to the scarcity of dollars to import the commodity and other global factors.

The institute disclosed on Tuesday, October 18, 2022 that long queues could soon start forming at fuel stations in Ghana over shortage of petrol and diesel.

IES Executive Director Nana Amoasi VII said things look dire for Ghana’s energy security.

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“There is something to be much worried about and that’s the likelihood of the shortage of the commodity on the market on the back of a reported shortage of dollars for the Bulk Oil Distribution Companies, the importers and the erosion of working capital of some of these importers.

“The price of crude oil remains high and the cedi value continues to decline,” he told Joy Business.

IES first raised concerns about a looming fuel shortage in March 2022 however, only pockets of shortages were reported in parts of the country.

This time around, Nana Amoasi VII said any incident of shortage may be widespread if state agencies responsible for ensuring energy security fail to plan against it.

“It is more serious,” he stressed.

Fuel Shortage Looms As Bank Of Ghana Rations Dollars, Reports Bloomberg

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YEN.com.gh reported in a previous story in June that Ghana faces an imminent fuel shortage as the Bank of Ghana rations dollars after oil prices surged due to Russia’s invasion of Ukraine.

The report from Bloomberg explained that Ghana's monthly fuel import bill jumped to $450 million in May from $250 million in January.

However, the central bank only offered about $100 million a month at its foreign exchange auctions, and licensed bulk distributors can no longer plug the shortfall in the black market.

Source: YEN.com.gh