The Chamber of Petroleum Consumers Ghana (COPEC Ghana) has called on government to take steps to revive the Tema Oil Refinery and halt the importation of fuel from European countries.
Executive Secretary of the Chamber, Mr. Duncan Amoah, speaking on JoyNews' AM Show on Thursday, said it is unacceptable that the Tema Oil Refinery (TOR) has been idle and government continues to buy fuel from a foreign refinery.
He noted that until Ghana enhances its competitive advantage when it comes to the production of oil and refinery, dollarization will persist.
"You cannot do away with dollarization if you do not localize your competitive advantage. You cannot continue to ground your refinery and go to the open market and get dollar just to buy from a foreign refinery. You are giving security of jobs to that refinery and so are you also helping that economy outside. You have a refinery, if the refinery business was bad, Dangote would not be pumping USD12billion into it.
There is a lot of advantage that provides you the fuel security you need that also saves your economy. Because you'd not go through that cycle of fuel importation - getting on the open market, leading to exchange of the cedi to dollar to pay the suppliers outside. You could be curbing that problem."
According to him, "we need to see how to internalize our competitive advantage so that we don't go out there to pay money to a refinery in Europe when your refinery has been left idle and abandoned, almost."
Tema Oil Refinery (TOR) Limited is Ghana's only refinery established in 1963.
Mr. Duncan Amoah was responding to concerns regarding the hike in fuel prices and how citizens can be cushioned by the government.
He noted that the Bulk Oil Storage and Transportation Company Limited (BOST) could have saved the country of its current woes.
According to him, if TOR had been provided with some boilers to increase its production and refinery, BOST could have shelved some of the excesses.
However, he noted that is not the case. Mr. Duncan Amoah said BOST is currently not operating on its cardinal principle, since it is "trading and probably providing storage space to Bulk Distributing Companies (BDCs)."
Meanwhile, the Institute for Energy Security has appealed to government to fast-track its intervention to curb the rising fuel prices at the pumps in order to cushion consumers against the prevailing hardships.
Latest Stories
-
‘I look forward to working closely with President-elect Faye to enhance Ghanaian-Senegalese relations’ – Akufo-Addo
37 mins -
Girl, 8, only survivor as 45 killed in bus crash in South Africa
1 hour -
Biden to host star-studded NYC fundraiser with Obama and Clinton
1 hour -
GDNR, AAU and others launch Universal Acceptance for local languages in internet domain names
2 hours -
Ogum and Kotoko’s March malaise
3 hours -
2 repair vessels dispatched for undersea cable repairs – says NCA’s latest update
4 hours -
Multimedia Group Limited’s Clinton Yeboah shortlisted for 2 International Sports Press Association Awards
4 hours -
Supreme Court upholds High Court verdict on fraudulent sale of property by Senior Police Officer
4 hours -
NHIS Biometric Membership Authentication System limited rollout satisfactory – NHIA Deputy CEO
5 hours -
Yara Ghana donates 1,107 bags of fertilizers to women farmers, farmers with disabilities
5 hours -
Tinubu forms team to find solutions to ailing economy
5 hours -
Jacob Zuma barred from running in South Africa election
5 hours -
Western Cape Education wins national primary school track and field championships
5 hours -
Cyber Security Authority issues Public Alert over Easter and Eid al-Fitr season scams
5 hours -
Sandro Tonali charged by FA for alleged betting rules breaches after joining Newcastle
5 hours