Contrary to claims by the Chief Executive Officer of the Chamber of Bulk-oil Distribution Companies (BDCs), Senyo Hosi, that government owes GH¢1.5 billion, the Finance Ministry says the amount is rather GH₵304 million.

Breaking down the figures on 'News Night' on Joy FM, Wednesday, Deputy Finance Minister, Cassiel Ato Forson, explained that as at December last year government owed the BDCs approximately GH¢204 million of which GH¢120 million was paid, with a  balance of about GH¢84 million left to be paid.

He indicated that government again incurred an additional GH¢220 million from January 2014 to date, resulting in a total outstanding debt of GH¢304 million owed the BDCs.

But Chief Executive Officer of the Ghana Chamber of Bulk Oil Distribution Companies Senyo Hosi insists the amount is over one billion cedis.

Early this week, the Chamber of Bulk Oil Distribution Companies warned of a looming fuel crisis as a result of the association’s inability to raise letters of credit (LCs) to honour supplies.

It said the country had less than a week’s stock of the product.

The Chief Executive of the chamber, Mr Senyo Hosi, disclosed that there  was a week’s stock of petrol and diesel on standby, but it would only be released if the government settled part of its indebtedness to the bulk distribution companies (BDCs).

“In my opinion you don’t solve simple problems with sophisticated solutions” and further advised that government stopped the subsidies while making some payments to the banks to enable the BDCs bounce back to business,” Mr Hosi said.

The BDCs concern followed the government’s inability to pay GH₵1.5 billion owed the BDCs and which has been accruing interest since 2011.

Currently, an acute fuel shortage has hit parts of the country.

Mr. Forson, however, assured Ghanaians that government was making frantic efforts to make sure the companies receive their monies to continue supplying petroleum products in the country.

Speaking to Joy News TV earlier in the day, Energy and Petroleum Minister Emmanuel Kofi Armah Buah confirmed government’s meeting with the BDCs Tuesday in a move to address all unresolved issues.

According to him, government is making sure that there is enough forex for the banks so that the imports of the products are covered.

 The Bank of Ghana, he added, was championing this move.

Mr Buah indicated further that after the Ernst & Young audit, “we are going to show commitment in that direction. As I speak with you there are enough products in the system.”

He thus appealed to the Oil Marketing Companies not to create panic in the country by announcing fuel shortage. If this is flouted, they would be held liable and dealt with according to the law, he warned.

Commercial drivers Wednesday morning expressed frustration over fuel shortage in parts of the capital city of Accra.

Pump attendants wave a "No Fuel" at desperate fuel users asking them not to come further because they have run out of the commodity.

The phenomenon has persisted for the past three days compelling some commercial drivers to park their vehicles either at home or nearby filling stations expecting the stations to miraculously get them fuel.

The drivers have called on government to resolve the situation in order to enable them to work and continue fending for their families.

Private car owners, on the other hand, are also hit by the situation and have parked their cars at home and joined their colleagues who are fortunate to have filled their fuel tanks prior to the shortage.

Myjoyonline.com observed on Wednesday that while some motorists were filling mini gallons with fuel as a form of storage for the days ahead, others joined very long queues just to get some drops of fuel into their tanks.

Meanwhile, some fuel stations Joy News visited Wednesday morning in Achimota, Abeka Junction, Tesano and the Kwame Nkrumah Circle had completely ran out of fuel and were uncertain when to receive any delivery from suppliers.

Media reports suggest there is stock available on the shores of Ghana ready to be delivered but for financial reasons, they are held up.