Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has urged the government to create a dedicated strategic fuel reserve fund to help Ghana build emergency petroleum stockpiles and shield the economy from global supply disruptions.
Amoah noted that Ghana currently does not have a structured financial framework to intentionally accumulate petroleum reserves, even though consumers already pay several taxes on fuel products.
He explained that introducing a small reserve margin within the petroleum pricing structure could generate significant revenue to support strategic fuel storage through the Bulk Oil Storage and Transportation Company Limited (BOST).
Amoah said he has consistently advocated for a reserve margin that would be managed by the government and the relevant ministry and directed to BOST for building national fuel reserves.
He stressed that while consumers pay multiple levies on petroleum products, there is currently no dedicated charge aimed specifically at building strategic fuel stocks, describing the situation as concerning.
According to him, establishing a national fuel reserve would act as a safety buffer for the economy during periods of supply disruptions or sudden global price shocks.
He added that even a modest levy could generate substantial funds for emergency petroleum procurement. As an example, he explained that if a reserve margin fund generated about GH¢50 million each month and considering that every one pesewa in the petroleum pricing structure yields at least GH¢4 million even a small 10-pesewa contribution could bring in roughly GH¢40–50 million monthly.
He further explained that the funds could be used to procure and store petroleum products, creating a dependable buffer for citizens, industries, and the wider economy during supply shortages. Amoah noted that such a reserve would provide the stability and protection needed to cushion the country in times of fuel disruptions.
His remarks come at a time of growing geopolitical tension in the Middle East, which has already disrupted global fuel supply chains and increased concerns over possible fuel price volatility in Ghana.