The outgoing Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, Senyo Hosi, has urged government to implement policies that would cushion Ghanaians against petroleum price hikes while ensuring that citizens reap the benefits of Ghana’s oil revenue.

According to him, successive governments have failed to implement policies to safeguard the Ghanaian consumer from the petroleum price hikes, thus significantly contributing to the current high inflation the country is suffering.

Speaking on JoyNews’ PM Express Business Edition, he explained that Ghana will never be in a position to influence the price of petroleum on the international market, hence government must invest in creating safeguards for local consumers.

“We should forget about arguing price. And I’ve said this on countless occasions that Ghana is not going to be a maker of price, so just forget it. You can’t control petroleum prices in the world, the only thing you can do is to influence the impact it will have on your economy. Because Ghana is just a market taker; what do you consume? I mean you’re just a drop in the ocean. You can’t, just forget it.

“It is the likes of Saudi Arabia, Russia, the US – these are people producing 12million barrels a day; these are the people whose actions really define the space, not us struggling with a 100,000 barrels a day. Today we’re at 130, tomorrow we come below 8, we don’t even know where we are standing.

“Please, stop overrating yourself; don’t have an exaggerated sense of importance within this global space of petroleum dynamics and its pricing. All you have to think about is policies that will cushion your people from the impact of petroleum hikes which unfortunately all successive governments have failed despite the counsel, the advice that has been given them,” he said.

He further noted that whilst the petroleum industry in Ghana makes up between 12% to 14% of domestic revenue, there is little to show for it in terms of development and impacting the lives of Ghanaians.

“Petroleum sector is accounting for –depends on which year – between 12 to 14% of domestic revenue. What interventions have we made to safeguard and add a particular contribution and impact on the people? Close to none,” he said.

Senyo Hosi is drawing the curtains on his stay at the helms of affairs at the Chamber of Bulk Oil Distributors after 10 years of service.

He is being succeeded by Dr. Patrick Kwaku Ofori.